The global cryptocurrency market cap was trading higher, rising up to the $1.06 trillion mark as it jumped more than a per cent in the last 24 hours. 
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The global cryptocurrency market cap was trading higher, rising up to the $1.06 trillion mark as it jumped more than a per cent in the last 24 hours. After the weekend hammering, Bitcoin and other top crypto tokens were nursing their wounds on Tuesday ahead of the US Fed's monetary policy and inflation numbers due later this week. Meanwhile, the market might be thinking that the Securities and Exchange (SEC) case against Binance might be more bark than bite.
Bitcoin continued trading higher as the largest crypto token gained more than a per cent to regain the $26,000 mark. However, its largest peer, Ethereum, was also up but added less than a per cent and remained below $1,750 levels. Action in the altcoin was on the higher side. An interesting development that has been observed is the significant shift of over 50 per cent of Bitcoin reserves on exchanges outside the United States. This trend can be attributed to the prevailing regulatory uncertainty within the country, said CoinDCX Research Team
"Bitcoin reserves on US-based crypto exchanges have declined to levels last seen in 2017, as more firms and assets seek refuge in non-US platforms. Ether (ETH), the second-largest crypto by market capitalization, has also experienced a steady decrease in reserves. Approximately 56 per cent of ETH held on crypto exchanges can now be found outside the United States," it said.
Barring the US dollar-pegged stablecoins, all top crypto tokens were trading higher on Tuesday. Cardano jumped 4 per cent, while BNB, Polygon, and Shiba Inu gained more than 3 per cent, each. Tron, Litecoin, Polkadot and XRP were among the other key gainers for the day.
The global cryptocurrency market cap was trading higher, rising up to the $1.06 trillion mark as it jumped more than a per cent in the last 24 hours. However, the total trading volumes advanced more than 9 per cent to $29.08 billion. The fear and greed index however has re-entered the fear zone after a fall of 2 points from yesterday; currently positioned at 45 points. The top 10 cryptos by market capitalization seem to be trading in the green, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk. "The crypto community seems to have taken it in a positive light. However, we can still expect markets to show volatility during the week due to multiple expected developments, from US CPI data, SEC’s Coinbase rulemaking response, and Binance US hearing slated for today, to FOMC meeting, US Jobless Claims and more slated for later in the week," he said
Tech View by WazirX Trade Desk XRP Ledger (XRPL) is an open-source, permissionless and decentralized technology. It offers numerous advantages, such as low-cost transactions, high speed, scalability, and environmentally friendly characteristics. Additionally, the XRP Ledger incorporates the pioneering elements of being the first decentralized exchange (DEX) and possessing built-in custom tokenization capabilities within the protocol.
On the 12-hourly time frame, the XRP trend is traversing within an ascending channel pattern, making lower highs. The upward trajectory is expected to extend for at least a couple of weeks. The next support is expected at $0.48 and the next resistance is expected at the $0.554 level
(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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