Cryptocurrency Update: The global cryptocurrency market suffered a hit of 4.89 per cent over the last 24 hours on Friday, April 1, after going up for several days amid gains by leading crypto coins. According to data by global crypto tracking platform CoinMarketCap, the global crypto market cap was standing at $2.06 trillion.
Bitcoin on the day also suffered losses of 4.62 per cent. At the time of writing this article, one unit of Bitcoin was priced at $45,258.93 as per data. On a weekly basis, Bitcoin gained 0.97 per cent.
“Bitcoin slid below $45,000 after a consolidation phase at the $47,000 to $48,000. The trading volumes indicate that there was a considerable amount of selling as traders tried to book profits at this level. The RSI dropped to nearly 55 with this selling spree,” said the WazirX trade desk.
“The daily trend for BTC is traversing within an ascending channel pattern. We could see a buying momentum to follow soon, as profit booking volumes decrease. The next resistance for BTC is expected at $48,600,” it added.
Ethereum prices too dropped sharply on the day. At the time of writing this article, one coin of Ethereum, the world’s second most popular cryptocurrency, was standing at $3,312.55. This was down by 3.55 per cent in the last 24 hours.
“With the Bitcoin prices correcting marginally, Ethereum against Bitcoin gained further momentum during the past couple of days. The daily chart for ETH-BTC is on the verge of a channel pattern breakout. We could expect money moving into Altcoins and see the start of an Altcoin season. The next resistance for ETH-BTC is expected at 0.075 and immediate support is expected at 0.0653,” said WazirX.
As per Darshan Bathija, CEO and co founder of Vauld, “There are a few investment themes that investors seem to be more positive towards. For instance, the alternate layer-1 theme is holding strong as Solana’s SOL and Terra’s LUNA have not fallen as sharply as BTC and ETH.”
“On the other hand, we’ve…
