The top 10 cryptocurrencies traded higher early today, Uniswap leading by about 13% surges.
Most digital coins saw massive signals of price recovery on Thursday. Such market moves come after Elon Musk, Tesla CEO, declared that his car-electric firm would probably resume BTC transactions. Uniswap led the top 10 currencies today morning after gaining up to 13%.
With the boost from Elon Musk, the global market capitalization saw a 5.52% increase over the past 24 hours to stand at $1.28 trillion. As such, the overall crypto volume increased drastically by 29.29% to $80.3 billion. For now, most market players think we are at the end of the tunnel. What is your take?
The carmaker stated that Tesla would consider BTC as a payment option after the asset manages to utilize green energy in its operations. Keep in mind that Elon Musk suspended Bitcoin payments some months ago, citing the asset’s high electricity usage.
The crypto market has seen obstacles to regain uptrends over the past month as BTC and alternative coins continue riding downward waves. ZebPay Trade Desk reported that most market players have a bearish attitude on top assets.
The source stated that analysis shows a collapse in trading activities as spot volumes remain 60% low from the May highs. Currently, the exchange volumes are necessary to detect price changes on any crypto. That means that the market has chances to hover around its current levels for a while.
On the other news, Elon’s current twitter display photo makes a buzz. In the picture, Elon Musk appears on sunglasses reflecting Doge’s appearance. That triggered price changes in most meme tokens.
Tech View
AXS (Axie Infinity) is an altcoin that users earn when playing games. Gaming tokens such as AXS have attracted investors due to the prevailing NFT wave.
AXS users accumulated over 1000% in returns in the past two months. Between its launch in 2020 November to ATH last week, the token has increased by 29,180%. However, even after pumping yesterday as BTC rallied, vital technical indicators such as MACD and Ichimoku remain bearish.
You can comment on your views related to the above analysis below.
