New Delhi: Despite one of the largest hacks in Web3 history rocking the crypto world, the cryptocurrency market gained some ground on Thursday.
Other crypto tokens were trading higher, with the exception of Bitcoin, Terra, and the dollar-pegged US Coin. Solana surpassed Terra to become the eighth largest crypto asset, thanks to an 11% increase in the token’s value. Avalanche increased by 8%.
The global cryptocurrency market cap increased by more than 1% in the last 24 hours to $2.16 trillion. Total cryptocurrency trading volume fell by up to 5% to $112.25 billion.
Expert Opinion
According to CoinDCX, Bitcoin will reach breakeven for the first time in 2022 as a result of a broader asset rally as well as continued buying pressure from the Luna Foundation Guard.
The fear and greed index has returned to neutral territory as a result of the bullish market sentiment. However, with this week marking the end of Q1 2022, it is important to be aware of the volatility that typically occurs around this time,” it added.
Market experts believe that the strong buying interest from individuals and institutions will likely continue in the long run, with the number of public crypto funds increasing.
In a major digital cash heist, hackers stole cryptocurrency worth over $600 million from a digital ledger used by players of the popular online game Axie Infinity.
- Bitcoin is still looking for a break above the 200-day moving average, as Luna Foundation Guard, a non-profit organization focused on UST, resumed buying the largest cryptocurrency after a brief hiatus.
- LayerZero, a startup addressing the issue of blockchain interoperability, has raised $135 million at a $1 billion valuation in a round co-led by Andreessen Horowitz (a16z), the venture capital arm of FTX, and Sequoia Capital.
- On Thursday, the next round of negotiations for the European Union’s (EU) landmark Markets in Crypto Assets (MiCA) regulations package will begin.
Giottus’ Tech View on Crypto Exchange
VeChain is a blockchain platform that provides a solution to supply chain management issues. The platform’s goal is to use blockchains to simplify data, workflow, and knowledge flow among sophisticated supply chains. Its token VET is intended to be used to transfer value on its platform.
This week, VET showed signs of reversal, rising from $0.04 to $0.086 – a gain of more than 100%. As a result, it is on track to test a long-term trendline resistance at around $0.113, which coincides with the 0.5 retracement of its fall since November. At this point, VET will also form a cup pattern and follow it with a handle.
Given all of these circumstances, a rejection is to be expected. However, it may be limited to the support level of $0.096 before breaking out, with targets of $0.13 and $0.155. VET will have risen 4 times from its low at this point. If Bitcoin falls below its long-term moving averages, VET may return to $0.075.