Crypto Market Today – ADA, BTC See Profit-Booking; SOL Gains 18%
Most digital coins traded higher today, led by DOGE, BTC, and ADA. Meanwhile, SOL had impressive gains, soaring by nearly 18%.
Most cryptocurrencies saw price consolidations on Friday. That was after investors took profits following the impressive rallies the previous day. However, the asset did not drop drastically. Friday had most top ten coins trading higher. Dogecoin, Cardano, and Bitcoin led the day’s gainers. Meanwhile, Solana registered remarkable surges, gaining by nearly 18%.
The overall cryptocurrency market cap remained without massive swings as it is flat at around $2.23 trillion since yesterday. On the other side, the total market volume increased to $127.68 billion.
The last 24 hours proved exciting for cryptocurrency enthusiasts as BTC hit the price mark beyond the psychological resistance at $50K. Such responses happen for another time over the past month. Mudrex co-founder Edu Patel suggested that the market experienced increased bullishness at the moment.
Bitcoin managed to overpower the $50,000 resistance as the total crypto market posted healthy upside moves. However, profit-booking took place, wiping out some of the BTC gains. That had the leading coin retracing towards the immediate support at $48,000.
Also, the world’s favorite altcoin skyrocketed towards $3,800. Edu Patel attributes the consolidation that followed to the slight profits booking in top cryptocurrencies.
On the other side, India’s government plan to redefine crypto through the new bill. The draft also aims to compartmentalize crypto-assets according to their usage.
Tech View
In the current battle between Ripple Labs and SEC, the Judge appears to side with the former. That way, he has approved the request for access to the documents by the United States regulator. That led to XRP’s substantial rally as it managed to cross the $1.29 mark yesterday.
XRP has also seen a volume spike after trading in the green for many sessions. The asset might experience extended rally as most alternative coin rides the upside waves. If the incoming sessions support the upward narrative, XRP will move towards the $1.60 price levels.
XRP noted a remarkable rally, increasing by 161% to $1.349 from $0.516. After that move, Ripples resisted around 61.8% FIB retracement ($1.4) and corrected by nearly 22%.
Stay tuned for more updates.
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