Top cryptocurrency prices today: Bitcoin, Dogecoin, Polkadot gain up to 16%

New Delhi: On a high after a strong push by Tesla boss Elon Musk, major cryptocurrencies continued their rally on Monday. Barring dollar pegged tokens, top crypto tokens were trading higher at 9:30 hours IST. Musk’s favorite Dogecoin gained over 16 per cent, whereas Bitcoin added 12%.

The global crypto market cap jumped to $1.52 trillion, a 9.27 per cent increase over the last day. However, the total crypto market volume tanked 29 per cent to $89.95 billion.

Bitcoin and other major cryptocurrencies traded above a crucial technical level for the first time since early May, after comments from Ark Investment Management LLC’s Cathie Wood and Tesla chief Elon Musk helped boost its momentum.

Amazon may allow users to pay in cryptocurrencies like Bitcoin soon as the e-commerce giant is hiring a digital currency and blockchain product lead for its payments team.

The past 24 hours would have made cryptocurrency investors jump with joy as the largest crypto by market capitalization gave a breakout after almost seven weeks of consolidation, said Edul Patel, CEO and co-founder of Mudrex.

“Bitcoin raced past the $39,700-mark. After the pivot level at $35,000 was broken, the market went crazy as volumes bumped up. The sentiments across the crypto spectrum greatly improved. All eyes are now on the psychological level of $40,000,” he said.

FTX, a popular cryptocurrency exchange, announced that it was curbing a type of high-risk trading that has been blamed in part for sharp fluctuations in the value of Bitcoin and the casino-like atmosphere on such platforms globally.

Crypto broker CoinBurp has no authorisation for a planned launch of its $BURP token and initial exchange offering on July 26, Britain’s Financial Conduct Authority (FCA) said in the latest crackdown on crypto trading.

Tech View by Siddharth Menon, COO WazirX

Bitcoin
Bitcoin is appearing strong. RSI has broken out from the 3-month downtrend. RSI is one of the leading indicators and it is indicating that the buying momentum in Bitcoin will continue. Moreover, Bitcoin has broken its downtrend and is trading above the lower high of $36,600. If the dollar index remains sideways or weakens from here, we may see the Bitcoin rally continuing for a longer period of time.

Ethereum
Ether continues to remain strong against Bitcoin throughout the correction. This indicates there is a high probability of Alt Cycle to kick back. DEFI, NFT and Social tokens may surprise.

(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.)