Bitcoin and other crypto tokens recover from previous day’s cuts
Bitcoin and other major cryptocurrency tokens were reporting gains on Tuesday after recovering from the previous day’s cuts. However, the gains were capped as the market sentiments turned further bearish. Bitcoin rebounded from under-$26,000 levels, but the lack of new catalysts put a brake on the rally in the markets.
Bitcoin remains range-bound
Bitcoin remained range-bound, inching higher to firm at $26,000-levels. Its largest peer, Ethereum, also moved on a similar line and maintained its position above the $1,650 mark. The price action in the altcoins was on the higher side during the early trade.
Market trades sideways with minor gains
The crypto market has traded sideways with minor gains in the past 24 hours. The crypto fear and greed index has shown no change since yesterday and continues to be in the fear zone with a score of 39/100. “The market has been witnessing one of its lowest trading volumes in a very long time,” said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk.
Longest bear market in crypto lifecycle
Hudda added, “This bear cycle of Bitcoin has already crossed more than 500 days, making it the longest bear market in the entire crypto lifecycle.” In a big announcement yesterday, Mukesh Ambani announced that Jio’s financial services division may start offering blockchain-related products like the recently launched e-Ruppee.
Top crypto tokens trade slightly higher
Barring a few exceptions, all top crypto tokens were trading slightly higher on Tuesday. Polkadot gained more than 3 per cent, while Shiba Inu posted similar gains. Toncoin, Cardano, and Polygon advanced about 2 per cent each. Among the losers, Tron shed more than a per cent, while Solana was slightly down.
Global cryptocurrency market cap trading higher
The global cryptocurrency market cap was trading marginally higher, rising to $1.05 trillion, as it inched higher in the last 24 hours. However, the total trading volumes surged more than 38 a per cent to $24.26 billion.
Galxe (GAL) Tech View by WazirX Trade Desk
Galxe (GAL) is one of the foremost Web3 credential data networks globally, built upon an inclusive and cooperative framework. This framework empowers Web3 developers and projects to derive benefits from credential data, facilitating the creation of enhanced products and communities. The GAL/USDT price gained over 8% yesterday with the RSI almost touching the 60 level after nearly four and a half months. The daily trend has been traversing within a descending channel pattern but has recently bounced back and is approaching the upper trendline with a surge in trading volume. The next resistance is expected at 1.375 USDT and an immediate support is expected at 1.15 USDT.
In conclusion, the crypto market continued to show signs of slight recovery, with Bitcoin and other major tokens inching higher after the previous day’s cuts. However, the market sentiments remained bearish, and the lack of new catalysts put a brake on the rally in the markets. The global cryptocurrency market cap was trading marginally higher, and all top crypto tokens were trading slightly higher on Tuesday. Additionally, Galxe (GAL) showed positive gains with the RSI almost touching the 60 level after nearly four and a half months.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
