Bitcoin added around 1.5% this morning in what could be the first positive trading day in nearly a week.
Currently changing hands at US$16,440, the benchmark cryptocurrency faces strong resistance at US$17,000, with a support level marked at US$16,000.
Bitcoin (BTC) has yet to recover from the FTX collapse… but is more contagion on the way? – Source: currency.com
Ethereum is also in the green today, having added 3.5% so far, and is currently keeping its head above the US$1,200 price point.
A large Ethereum resistance wall has formed at the US$1,220 price point.
Despite the gains, investors are on tenterhooks following crypto firm BlockFi’s bankruptcy filing in the US, with fears of more market contagion on the horizon.
Gains can be seen across the gamut of large-cap altcoins too, with Ripple (XRP), Polygon (MATIC), Polkadot (DOT) and BNB adding between 2% and 3%.
After a brief pause on Monday, Dogecoin (DOGE) has once again continued to rally another 8%, bringing the meme coin standard bearer’s market capitalisation close to US$13.7bn.
Today’s top mover is the Layer-1 Fantom blockchain, whose FTM token surged over 15% after developer Andre Cronje disclosed a seemingly cash-flow positive treasury reserve.
Fantom (FTM) now has a market cap of US$542mln.
Oracle network Chainlink (LINK) and payment coin Dash are also trending strongly upwards.
iFinex’s LEO token, the Nexo lending protocol, and decentralised finance (DeFi) platform Convex Finance were among the morning’s poorest performers, albeit only having each dipped in the low single digits.
Global crypto market capitalisation currently sits at US$834.7bn, while total value locked across all DeFi protocols is US$41.3bn.