Solana Zooms 10%; Bitcoin Price, Dogecoin Shed 3%

Bitcoin Price: A majority of cryptocurrencies witnessed profit booking after a sharp rally on Thursday, led by buying in altcoins. Investors turned cautious after Bitcoin hit a new lifetime high.

Solana Zooms 10%; Bitcoin Price, Dogecoin Shed 3%

Barring the dollar-pegged stablecoins, Solana and Polkadot, all other six out of the top 10 cryptocurrencies were lower at 9.30 hours IST. Solana zoomed 10 per cent, whereas Bitcoin, Binance Coin and Dogecoin shed 3 per cent each. The global crypto market cap declined over per cent to $2.60 trillion mark compared to the last day. However, the total crypto market volume jumped as much as 6 per cent to $122.75 billion.

The past 24 hours were a period of consolidation for the cryptocurrency market, said Edul Patel, Co-founder and CEO, Mudrex. “This consolidation was expected as traders and investors backed off from placing aggressive trades after the market created a new high.”

In the meantime, top Indian Bitcoin exchanges are recording an over 100 per cent increase in trading volumes in the last few days even as the value of the digital currency continued to soar with a single Bitcoin price trading over the $66,000 mark on Thursday. Injective provides access to unlimited decentralized finance markets.

Bitcoin Price, Dogecoin Shed 3%

Users can create any financial market on Injective’s fast, cross-chain, zero gas fee, secure, and fully decentralized exchange protocol. The Injective Chain is built as an Ethereum-compatible network that enables DeFi applications that reach instant finality, sub 2 second block times, and lightning-fast transaction speeds (10,000+ TPS).

INJ last month witnessed a sharp fall from $16.64 to $7.89 and plunged almost by 52.5%. Post this move the asset made a ‘Bullish Engulfing’ pattern and has rallied almost by 82% by making a recent high of $14.4. Currently, INJ is trading in a ‘Rising Channel’ where the price action is contained between upward sloping parallel lines.

If the breakout or close occurs above the channel with good volumes, then we can expect the bitcoin price to further rally up to $16.65 and if the asset breaks the support line of the wedge then the prices may slide to the next support level which is at $9.93.

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Solana Zooms 10%; Bitcoin Price, Dogecoin Shed 3% via @marketinvestor
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