The global crypto market capitalization gained almost 3% to $2.19 trillion. Meanwhile, the overall crypto market volume surged over 7% to hover at $103.68 trillion.
Wednesday trading sessions had the crypto market in the green. That comes amid the much-anticipated United States Fed meeting, looking for rate hikes and tapering. Meanwhile, investors accumulated tokens at discounted prices.
Excluding Tether and Polkadot, eight of the top ten cryptocurrencies traded with gains early today. Meanwhile, Dogecoin gained almost 16% after Elon Musk’s comments.
The somewhat positive mode in the crypto space had the overall cryptocurrency market value surging nearly 3%, wavering $2.19 trillion. Nevertheless, the total cryptocurrency market volume gained 7% to 103.69 trillion.
The crypto market witnessed a relief rally amid dip-buying activities. CoinDCX Research Team stated that the upcoming sessions might remain range-bound and choppy as investors away FOMC’s statement this week.
For now, there’s a probability that accelerated tapering plus rate hikes are on the horizon. However, CoinDCX believes the latest sell-offs catered for such developments.
The Indian Market
A senior official revealed the government considered changes to the awaited crypto framework. That means the bill will not be ready during parliament’s winter session. The issues in discussions include the need for global consultation and public involvement. Should the RBI’s central bank digital currency be included in this bill, or the Reserve Bank of India Act will deal with it.
Expert’s Outlook
WazirX Trade Desk stated that Elon Musk is Dogecoin’s face after the Tesla CEO hinted that his company would adopt the meme coin for payments. It added that Elon Musk was not interested in crypto before the boom.
Meanwhile, tech experts against crypto are now neutral or positive on crypto. WazirX said the geniuses took years to realize the potential of the crypto industry, hoping the global community comprehends that soon.
Tech View
While publishing this article, DOGE gained 21.8%. That came after Elon Musk confirmed DOGE payments for his company. The meme coin has traded on a downward trend since October. That had it violating all its support levels. Though the latest surge, DOGE remains on a bearish territory as the Relative Strength Index remains beneath the midline.
