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  • Best Cryptocurrency Prices Today: Tokens Consolidate in a Range; Cardano down 4%

Best Cryptocurrency Prices Today: Tokens Consolidate in a Range; Cardano down 4%

By on September 29, 2021 0

New Delhi: Caution not only crept into the stock markets, the cryptocurrency market was also affected on Wednesday. Major cryptocurrencies traded flat or with negative bias and sharply declining volumes.

Among the top 10 names, Cardano was the biggest loser, down almost 4%. Polkadot and XRP fell more than 2%. Others have also declined. Solana and Binance Coin edged up.

“It was yet another hectic day for the crypto spectrum. Markets remained limited within the range and total volumes traded fell sharply. Traders are careful before placing aggressive trades. The next 24 hours could likely remain another phase of consolidation for cryptocurrencies, ”said Edul Patel, CEO and co-founder of Mudrex.

The global crypto market cap at $ 1.86 trillion, fell 1.22% in the past day. The total crypto market volume in the past 24 hours was $ 92.81 billion, down 4.55%.

The total volume of DeFi is currently $ 15.97 billion, or 17.21% of the total 24-hour volume of the crypto market. The volume of all stable coins is now $ 76.47 billion, or 82.40% of the total 24-hour volume of the crypto market.

Sentiments were also hit after reports indicated that the Biden administration is stuck in contentious debt ceiling negotiations in the United States that could lead to a government shutdown and possible breach of its obligations to the United States. the creditors.

For this reason, US 10-year benchmarks gained 25 basis points in five sessions and were last at 1.5513%, after hitting their highest level since mid-June the previous day, while that the dollar index was at 93.752.

Meanwhile, a cross-border digital currency experiment backed by the Bank for International Settlements and four central banks shows that e-cash can lead to faster and cheaper global money transfers.

The multi-central bank digital currency bridge (mBridge) project, in which the monetary authorities of Hong Kong, Thailand, China and the United Arab Emirates are partnering, has produced a prototype that reduces the time for international transfers to a few seconds compared to a few days when using the traditional correspondent. banking, according to a BIS report on Tuesday.

Technical view by ZebPay Trade Desk
By far the most popular decentralized exchange (DEX) on Binance Smart Chain (BSC), PancakeSwap (CAKE) has gained a lot of traction in the blockchain space in recent months. CAKE, the native PancakeSwap utility token, is used for several purposes in the growing platform landscape. Its main functions are staking, yield farming, participating in the PancakeSwap lottery, and processing and voting governance proposals through the community governance platform and portal.

CAKE after jumping nearly 145% from $ 10.85 to $ 26.6 faced strong resistance at higher levels and saw a strong correction, by almost 36%, hitting a low of 16, $ 89. Although Cake has been trading in a downtrend for over a month, the asset took support at a very crucial level of $ 16.87 (61.8% of the Fibonacci retracement level) and started to consolidate. Currently, prices are trading in a range of $ 20 to $ 17 and breakouts on either side with good volumes will decide the trend of the asset more.


(The time is in UTC and the daily time is 12:00 to 12:00 UTC)

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset (s) mentioned.)