New Delhi: Major cryptocurrencies continued to gain following a rally in the weekend. However, investors booked profits in a couple of altcoins.
Six out of the top-10 cryptocurrencies were trading higher at 9.30 hours IST. Binance Coin and Solana witnessed profit booking whereas XRP gained 9 per cent.
The global crypto market cap jumped about 4 per cent to $2.85 trillion. However, the total crypto market volume was almost flat to $97.46 billion.
While the biggest cryptocurrency trades strong, its market dominance has been dipping as investors shift to altcoins, said CoinDCX Research Team.
“Over the past week, Ethereum scored another all-time high and Binance Coin traded strongly in the greens,” it added. “Solana surpassed Tether and Cardano to be the fourth largest crypto.”
Daily NFT sales volume on open-sea has started consolidating, and there is a good chance that the market had probably found a bottom, said Hitesh Malviya, Founder,
itsblockchain.com.
“Some of the NFT collections had bounced by 50-60% in the past few days, which indicates a possible reversal in the coming weeks,” he added.
In the meantime, the Indian government is considering a middle path on cryptocurrencies, as it finalises legislation on the virtual asset to be introduced in the upcoming winter session of Parliament. The hard-line stance for an outright ban of cryptos is not being found feasible in view of large investments in such instruments by Indians, and these unregulated virtual currencies are also unlikely to be allowed as a legal tender.
Sign in to read the full article
You’ve got this Prime Story as a Free Gift
–
–
–
Subscribe Now
(Credit card mandatory)
You can cancel your subscription anytime
–
–
–
Subscribe Now
(Pay Using Netbanking/UPI/Debit Card)
Netbanking, Credit & Debit Card
Subscribe with Google
₹399/month
Monthly
PLAN
Billed Amount ₹399
₹399
₹208/month
(Save 49%)
Yearly
PLAN
Billed Amount ₹2,499
15
Days Trial
+Includes DocuBay and TimesPrime Membership.
₹399<p …….