The crypto market leader’s flat price action is providing room for other coins and tokens to increase in value.
The total cryptocurrency market is up 1% today while BTC is mostly flat. Second-ranked cryptocurrency ETH is up over 2%, with AVAX and LUNA seeing gains of 7% and 5%, respectively.
Crypto markets jumped on Friday before eventually settling down to key levels into the weekend. Today, BTC continues to hold support, which is allowing alts to move up. ETH bulls, in particular, have newfound excitement following the Ethereum Foundation’s announcement of a successful Kiln testnet merge last week. This represents a big step for Ethereum’s transition from a proof-of-work to proof-of-stake asset, which many expect will launch on the mainnet later this year.
Goldman Sachs makes its first OTC crypto transaction
Goldman Sachs is set to announce that it is the first major United States-based bank to place an over-the-counter crypto transaction. The bank traded a BTC non-deliverable option with Galaxy Digital, an investment management firm providing institutions access to digital assets.
This move shows maturity for BTC and other cryptocurrencies in the eyes of major banks. Max Minton, the head of digital assets for Goldman Sachs in Asia Pacific, said that the transaction “is an important development in our digital assets capabilities and for the broader evolution of the asset class.”
NFT Snapshot: Cricket NFT platform raises $100M
FanCraze, a nonfungible token startup specializing in digital cricket collectibles, is raising $100 million in funding. Led by B Capital Group and Insights Partners, along with investors such as Cristiano Ronaldo, the Series A round will help build out the officially licensed platform — which announced a partnership with the International Cricket Council last year.
FanCraze uses the Flow blockchain, the same platform used by NBA Top Shot. Its first pack of Crictos — i.e., digital collectables of cricket players and game moments — dropped in January.
Top altcoin gainers and losers: SPELL leads
- SPELL/USDT +21.15%
- EGLD/USDT +8.45%
- ONE/USDT +5.34%
- SNX/USDT -1.94%
- ZEC/USDT -3.08%
- WOO/USDT -4.14%
SPELL sits atop the altcoin market on Monday, with many coins and tokens showing similar strength. However, past outperformers ZEC and SNX — which dominated markets last week — are down. WOO continues to struggle, unable to maintain momentum.
BTC technical analysis: Holding key levels
BTC fell as low as 40,500 USDT on Sunday before jumping back above 41,000 USDT to start the week. This range continues to be an important area, and buyers will want to hold it for a shot up toward 42,500 USDT and the yearly open.
ETH technical analysis: Continuing up against BTC
The price of ETH against BTC shot up over the weekend and continues to break out today. In light of news that Ethereum’s proof-of-stake merge is progressing well, ETH has a strong narrative to outperform BTC as bulls look to see if ETH can break and hold above 0.071 BTC.
Altcoin technical analysis: AVAX shows strength
After forming a local bottom last week around 70 USDT, AVAX moved up above 90 USDT today. In territory not seen since mid-February, this zone will need to flip from resistance to support if buyers want a shot at previous highs.
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Source: https://www.okx.com/academy/en/altcoins-rally-as-btc-tests-support-crypto-market-daily/