Sunday, May 19, 2024

Market Watch Feb 1: Bitcoin Rests At Resistance Level, Ethereum Gains Nearly 10%

Into the second month of 2022, the cryptocurrency remains bullish following January’s painful crash that made the market lose more than half of its capitalization. The popular cryptocurrencies bitcoin and ethereum have stepped into February on a positive note. Both are in the green.

Bitcoin is holding its ground at the resistance level of $38,000 and has been up by 4.49% in the past 24-hours. It is trading at $38,582, as per CoinMarketCap. Ethereum has gained nearly 9.85% in the past 24-hours and is trading at $2,743. In the past seven days, the world’s second most popular crypto has been up by 13.67%. However, analysts say the short-term resistance of $2,600, which has been in place since January 22, continues to be a challenge.

Biggest Gainers

The biggest gainers, as per data from Trading View, over the past 24-hours have been DerivaDAO (DDX), Telos (TLOS) and Bonfida (FIDA). DerivaDAO has derivatives features and claims to be a unique decentralized exchange (DEX). It offers competitive fees for its services and users have the advantage of getting real-time price information at hand. It doesn’t use any other public blockchain. DDX is the native token for this platform and empowers holders with lesser fees. Analysts say the DDX price hike comes amid a 3,692% increase in trading volume. More than $13 million in volume is coming from Coinbase.

TLOS, the second-biggest gainer, is a blockchain network created with the EOSIO software. It brings speed and scalability to smart chain contracts for decentralized finance, gaming, NFTs, and social media. The upward movement for TLOS comes after its network announced a new collaboration with BikeChain.

Bonfida, the third biggest gainer, is built on the Solana blockchain. It bridges the gap between Serum, the user and Solana. The token has gained the attention of active investors who see it as the next biggest crypto. The present jump in FIDA’s price is attributed to the launch of perpetual futures on the AscendEX cryptocurrency exchange.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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