Excluding stablecoins, most crypto assets traded with gains on Monday. Solana and Avalanche gained 7% each, while ADA noted a 5% upswing. Meanwhile, Bitcoin, Polkadot, and Ethereum surged 4% each.
The cryptocurrency market presented gains on Monday despite stablecoins encountering severe inspection. Market players remained nervous as they waited for substantial signals about the global economy and inflation.
Excluding stablecoins, most assets in the crypto space traded with upticks. Solana and Avalanche gained 7%, while ADA saw a 5% uptick. Ethereum, Polkadot, and Ethereum gained around 4% each. That saw the overall crypto market gaining more than 4% in 24 hours to 1.28 trillion. On the other part, the overall crypto trading volume gained more than 18% to $51.29 billion.
The Indian Market
Terra investors worldwide suffered billions of losses when the stablecoin fell. Nevertheless, they regained a portion of their money when the platform distributed a new token as compensation. Indian investors are not that fortunate.
Since the nation’s tax system is against cryptocurrency investing, LUNA and UST holders who received the new token, LUNA 2.0, over airdrop encounter a double curse. The public received the development when Ripple declared a job position for Senior Project Manager in Bengaluru. The job vacancy revealed Ripple’s plan to open an office in India.
Expert View
Bitcoin’s slide beneath $30K saw buyers on the sidelines. Vauld co-founder Darshan Bathija stated that the market remains bearish, according to the fear & greed index. Meanwhile, Bitcoin had its dominance increased within the previous week. Generally, altcoins underperform than Bitcoin during bear markets, as they boast higher risks.
WazirX stated that NFTs are now more than JPEGs without utility. It cited a commercial property listed as a non-fungible token. The NFT is on OpenSea and offers the buyer rights to own the building and related deed contracts.
Tech View
TRX maintains an upside stance, though the intermediary bias displayed sideways following the $0.18 high in April last year. For now, the alternative token trades within a symmetrical triangle.
The $0.0745 support remains steady and offered an impressive bounce. Meanwhile, the resistance at $0.095 remains crucial, and breakouts with substantial volume visible near the hurdle can see bulls flipping it into new support.