Tuesday early trading sessions had Ether and Bitcoin attaining new highs. Such developments come as crypto adoption enthusiasm and inflation fears supported the new asset class.
To digital assets extended their upsurges on Tuesday as Bitcoin explored the highest peaks. Alternative coins followed suit as market participants considered virtual assets over gold. Excluding Solana and dollar-tied stablecoins, other top-ten digital assets traded higher today morning. Bitcoin, Dogecoin, and Cardano witnessed their prices surging by up to 5% each.
The overall cryptocurrency market capitalization surged by over 3%, hovering at the $2.94 trillion level. Meanwhile, the total market volume increased by 27% to $123.5 billion. Ether and BTC saw ATHs on Tuesday as crypto adoption saw increased enthusiasm and inflation fears dominated the crypto space.
Bitcoin witnessed rises over the last 48 hours after the tweet by DCG founder supported the coin towards new lifetime peaks. ZebPay Trade Desk commented on the rally, saying that BTC upsurges triggered lucrative trends across the crypto market.
The analyst added that it expects some volatility to surface in the coming days as the market appears somehow inflated at the moment. For that reason, market players can anticipate corrections. If the up-and-coming sessions do not see that, profit-taking is likely.
Meanwhile, the non-fungible token market gains steam in India as celebrities like Salman Khan, Kamal Haasan, and Amitabh Bachan join the craze.
Technical View
Chilliz (CHZ) supports multiple fan tokens and celebrity-backed non-fungible tokens. The crypto blockchain aimed to satisfy retail clients has led in this category, introducing loyalty coins, fan tokens, and NFTs. Chilliz provides entertainment and sports brands with blockchain tools to enhance and monetize engagement.
The network’s coin, CHZ, reflects the surged demand for these projects. The token attained many ATHs in 2021 before September’s retracement had its dropping to $0.25. After an almost 100% upswing, CHZ consolidates in the range of $0.44 – $0.5.
CHZ Chart
CHZ exhibits divergence on the RSI as it formed a symmetrical triangle since November started. An upside break will see the crypto exploring resistances at $0.49 to $0.56. Meanwhile, the consolidation appears encouraging as other price indicators suggest bullish patterns. CHZ can rise to hit its $0.65 ATH once more. Long-term investors can eye $1.
