Barring four tokens, six out of 10 digital tokens were trading lower at 9.30 am IST. Terra, Avalanche, Bitcoin and Ethereum saw profit booking, while XRP and Cardano added up to 4 per cent.
The global crypto market cap declined about a per cent to $2.28 trillion mark compared to the last day. The total crypto market volume dropped over 6 per cent to $90.20 billion.
What’s cooking in India
Buying cheap smallcaps in the hope that prices will rise is a strategy not restricted to stock market trading. Cryptocurrency investors are doing the same – parking their money in small-cap cryptos and praying for a windfall. But experts say this could be risky.
There are over 6,000 virtual currencies and tokens circulating around the world, and spotting a multi-bagger early on is near impossible, they say. Much like in the stock market, the world of cryptocurrencies also has large-, mid- and small-cap coins and tokens.
“There was cheer in the crypto market as major large- and midcaps rebounded strongly. The once bearish sentiments seem to have flipped as hopes of a Santa rally began to mount,” said CoinDCX Research Team.
We remain overweight on the Metaverse, GameFi and Layer 1s sectors, especially with the pent up demand and institutional flows we have been seeing lately, it added.
Google, Amazon, Apple and other large tech companies pay millions of dollars in annual compensation to chase what they see as a once-in-a-generation opportunity among the coding talent.
Silicon Valley is now awash with stories of people riding seemingly ridiculous crypto investments like Dogecoin, a digital coin based on a dog meme, to life-changing wealth.
WazirX NFT Marketplace said it has collaborated with the current custodian of the Wadiyar dynasty, who ruled from Mysore, and is launching NFTs highlighting the rich heritage, culture and folklore of the region.
Tech View by Giottus Cryptocurrency Exchange
With several blockchains competing in the crypto space, Polkadot seeks to be a solution to connect and integrate them all in one network. The result – easy data sharing and transfer of value. Launched in 2017, Polkadot is a PoS (proof of stake) blockchain with the capability to support DAOs, security tokens and more.
Its token – DOT – is amongst 2021’s major altcoin gainers. DOT, however, has had a bearish month in December, dipping from a high of nearly $40 to a low of nearly $24. However, subsequent movements seem to indicate bullishness.
It has completely filled the low of its wick from the dip, which gave it fuel for a rally to upwards of $30. Most recently, it has formed a cup and handle pattern – a bullish formation that should see it retest the .618 retracement of the drop at 32, if played out.
DOT is also breaking out of a parallel channel and is in the process of retesting the breakout for support. Should it succeed, $34 and $36.8 will be the next targets in play. In the case of downside, there is strong support for DOT at the middle of the channel at $25, and its wicks at $24.3 and $23.7.
- Support: $25, $24.3, $23.7
- Resistance: $30.7, $32, $34
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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