The overall cryptocurrency market cap surged by more than 1% to touch $2.85 trillion. Meanwhile, the global crypto volume lost nearly 29% to stand at $125 billion.
Top digital assets moved in the green today following the brief profit-taking in the past session. Investors turn to riskier assets during the weekend. Keep in mind that the crypto market usually records better performance during the weekend.
Seven of the top ten assets traded higher during early sessions on Friday. Only Solana, Cardano, and Polkadot traded lower during the same time. The overall cryptocurrency market cap gained over 1%, reaching $2.85 trillion. On the other side, the market volume tanked nearly 29% to hover at $125.7 billion.
CoinDCX Research team commented on the market price actions, saying this week’s lows and highs prompted BTC’s volatility questions and bubble bursting threats re-emerged. That threatened the increasing digital coin’s industry credibility. However, it added that international powerhouses such as the US embrace crypto, the digital asset economy might strengthen the asset’s credibility.
Top exchanges have registered a 200% to 500% increase in day traders. They are individuals making money by taking positions in different cryptocurrency assets. For instance, around 105 million Indians hold digital coins, and the crypto exchanges report over 1 million day traders.
On Tuesday, the US leading crypto exchange Coinbase reported an almost 30% decline in Q3 trading volumes. That was due to declining crypto prices and lower volatility by most crypto assets.
Tech View
Litecoin, also known as BTC lite, is a crypto coin designed to provide immediate P2P value exchange at economical rates. LTC is among the oldest assets in the crypto space that boasts a large active online community. The crypto follows the tokenomics model by allowing limited LTC mint. The circulating supply at the moment is nearly 82% of the overall token supply. With the increased inflation and the sentiment in the cryptocurrency space, LTC surged towards the $300 mark.
As Ripple plans to support LTC, BTC, and ETH through the financing hub launch, Litecoin enjoys the top space in the market. For now, the alt ranks 14 by market cap. Litecoin began its upside journey in October and surged more than 100% to explore $302. That was after September’s correction.
Litecoin has massive support near $247, and holding beyond the mark will confirm more upsurges. Meanwhile, breaking under the level will lead to plummets towards the next support at $224. LTC has to close beyond $300 for further rallies.
LTC Major Levels
Support – $247 and $225
Resistance – $280 and $300
