Bulls Gear Up & Uplift the Crypto Markets, But the Crucial Levels Still Appears Much More Distinct
After a tough brawl with the bear throughout the weekend, the fresh weekly trade began with significant bullish momentum. The Bitcoin (BTC) price rose again above INR 24 lakhs while the Ethereum price was above INR 1.8 Lakh. Despite a minute jump, the assets still appear to be within the bearish captivity as the bears appear to switch to active mode any time from now.
Apart from Bitcoin & Ethereum rising by more than 4% each, the other assets within the top 10 also surged by 3% to 4%. Among the top gainers, Theta Network (THETA) is the leader with a 12.57% surge, followed by Neo(NEO) by 10.58%, and Tezos (XTZ) by 9.98%. On the other hand, Elrond(EGLD) remains plunged by 4.48%, while The Graph(GRT) has 1.65%. The popular token Optimism(OP) also plunge by 9.67% while Terra Classic(LUNC) by 4.05%.
CRYPTO PRICES TODAY
|Price Trend||Price for June 06, 2022||Percentage change|
|The global cryptocurrency market cap||$1,269,896,820,397||–|
|The total crypto market volume||$51,237,044,085||–|
*All prices are latest by 08:27 am, 06 June 2022.
Check out the Latest Crypto Prices, Charts, and Data of your favorite coin.
CRYPTO PRICE PREDICTION FOR THE DAY
Tron’s price during the previous bull run had smashed the levels above INR 11 and in a second attempt could manage to reach INR 9.61. Later a huge plunge drained the price by nearly 60%, testing the previous lows. Since then the TRX price has maintained a significant upswing and is attempting for a parabolic recovery to regain the levels above INR 8. Since the meltdown in the first few days of April 2022, TRX price has showcased huge bullish momentum, discarding the bearish pressure.
No doubt the price was compelled to correct very often, but the lower uptrend line was maintained strongly. And hence expecting the asset to continue its trend in a similar way, the price is expected to reach INR 9 in August or September. Here the possibility of a minor plunge is expected, which may be overcome to range between the above-mentioned levels by the end of 2022.
Additional Read: Tron (TRX) Price Prediction in detail
TOP 3 CRYPTO GAINERS
|Theta Token (THETA)||INR 107.73||10.87%|
|Tezos (XTZ)||INR 168.13||8.48%|
|Ox (OX)||INR 34.86||8.38%|
*All prices are latest by 08:31 am, 06 June 2022.
TOP 3 CRYPTO LOSERS
|Elrond eGold (EGLD)||INR 5,864.11||-6.28%|
|The Graph (GRT)||INR 13.28||-4.30%|
|STP Network (STPT)||INR 4.58||-2.15%|
*All prices are latest by 08:33 am, 06 June 2022.
Crypto Market Update
Long-Term Correlation Between Bitcoin and Wall Street Waned as BTC Has Better Returns
The report shared by 21Shares shows BTC and S&P 500 moving in sync, with their correlation rising to an all-time high of 0.69! While the correlation does not dispute the inclusion of both the assets on one’s crypto portfolio, the report in “State of Crypto,” showed these two assets taking distinct paths in the long term.
Solana Blockchain Surpasses $2 Billion in All-Time NFT Sales
Solana has managed to reach a new milestone in spite of the overall decline in the NFT sales. According to research conducted by Be[In]Crypto Solana had a total sales volume of around $2.35 billion, as of June 5. The average monthly NFT sale amounted to $150 million before June and the amount jumped to a whopping $2.35 billion by the end of the month!
Cardano Faces Institutional Inflows as Investors Pull Funds from Ethereum and Bitcoin to ADA
The upcoming releases and solutions on the way from the Cardano network have played their part in raising the demand and seeing an inflow of funds from institutional investors. Given the current pace, in the next few months, the volume of ADA held by institutions stands a chance to exceed Ethereum holdings.
The biggest and most awaited update for Cardano is Vasil Hard Fork which will bring several CIPs to life. Expected network upgrades will decrease transaction fees and processing time, making Cardano one of the cheapest and fastest networks in the industry.
NEW COIN LISTING ON COINDCX
|New Coin||Market Capitalization||Circulating Supply|
|SKALE Network (SKL)||$247,177,439||3.53B SKL|
|Livepeer (LPT)||$309,065,067||23,946,550.92 LPT|
*All prices are latest by 12:06 pm, 06 June 2022.