Today was a good start for Bitcoin as prices stayed in the green. The global crypto market cap sits at around $1.54 trillion, which is a 6.42 percent rise from yesterday. The overall crypto market volume over the last day is $95.67 billion, which marks a 17.17 fall.
Impressively, stablecoin’s 24-hour volume in the crypto market is $77.58 billion. That’s just over 81 percent! Meanwhile, Bitcoin saw a price increase of 0.54 percent during the day, raising its value to $36,982.76. It holds a dominance of around 48.35 percent.
This came after the launch of the Middle East’s first Bitcoin fund on the Dubai exchange. Amazingly, 3iQ Corp, the Canadian digital asset manager, was looking to raise close to $200 million in the offering. Despite being the world’s most popular digital currency, it faced recent price slumps as China sought to crack down on crypto miners and exchanges.
In a statement, the Dubai bourse said that Canada’s biggest digital asset investment fund manager, 3iQ Corp., listed the Bitcoin Fund on Nasdaq Dubai officially. Nasdaq Dubai is the region’s international exchange, which makes this yet another impressive milestone for the crypto world.
After Bitcoin, Ethereum holds the position of cryptocurrency with the second biggest market share. On Tuesday, it rose by 3.23 percent. After a minimal increase of 1.64 on Monday, Ethereum ended the day at a modest $2,300.59. It saw a mixed start because it fell to an intraday low of around $2,152 before increasing.
Even so, it avoided the first major support level of $2,122, rallying its way to an afternoon intraday high of around $2,321. This fell short of the first major resistance level at $2,387. Soon, Ethereum’s token eased back below $2,310 levels. Today, Ethereum recorded minimal decreases in the price of 0.54 percent, which dropped prices to $2,288.15.
While Ether did reach an early morning high of around $2,305, it still fell back to $2,287. In the morning, major support and resistance levels remained untested for Ether. Of course, it needs to avoid the pivot of $2,258 so the first major resistance level comes into effect at $2,364. But Ether will still need broad market support if it is to break away from the Tuesday-wide high of $2,321.
With the exception of an extended crypto rally, resistance and the first major resistance level at $2,350 will possibly cap a potential upside. If a broad crypto rally occurs, Ethreum could face the first major resistance level at $2,500 before a pullback. The next major resistance level acts at $2,427. But if it falls below the $2,258 mark, the first major support level of $2,194 will come into effect.
With the exception of an extended sell-off, Ether should avoid falling below $2,000. The next major support level of $2,089 can help reduce downsides.