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Lack of market depth, liquidity, horizontal movement of BTC, indicate interest in altcoins for investors.

By July 19, 20232 minute read

Bitcoin’s horizontal movement, lack of market depth in the Crypto ecosystem and less liquidity has sparked a growing interest in altcoins as an alternative investment avenue.

The sentiment around Ethereum seems positive as staking protocols prompt long term investors to stake large volumes of Ethereum

The last four weeks have witnessed significant inflows into digital assets, amounting to a staggering $742 million. This surge in inflows can be attributed to various factors, including the recent Ripple verdict. The clarity provided by the legal outcome has restored confidence among investors, attracting more capital into the digital asset space

The Exponential Moving Average for 10-day EMA indicates “Sell” at 30247 and 200-day EMA indicates “Buy” at 26640. The Simple Moving Average for 10-day SMA indicates “Sell” at 30382 and 200-day SMA indicates “Buy” at 25939. 

The Ichimoku Base Line, valued at 30663, continues to be neutral. The Hull Moving Average indicates “Buy” at 29862. The Volume Weighted Moving Average indicates “Sell” at 30471.

Major market oscillators point to a “Neutral” sentiment. The Relative Strength Index (14) sits at 51, with a neutral outlook. The Stochastic %K (14, 3, 3) at 20 and the Average Directional Index (14) at 32 indicate a Neutral outlook. 

The MACD Level (12, 26), at 290, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 3 and William’s Percentage too indicates a “Neural” sentiment at -78.

As of 10:00 AM, 19th July 2023, on WazirX, Bitcoin’s price is ₹25,61,331. There was a 0.20% increase in its price in the last 24 hours. The 7 day BTC was down by 0.03%.

Ethereum (ETH) is trading at ₹1,65,000. There was an 0.72% increase in the last 24 hours. The 7 day ETH was up by 0.60%

The top gainers on WazirX include QuickSwap (QUICK), Stellar (XLM), and OokiDAO Token(OOKI), with a price increase of 17.31%, 11.52%, and 8.79%, respectively.

However, the tokens that underperformed comprised 1inch (1INC), pNetwork (PNT), and MOBOX (MBOX), with a price decrease of 10.05%, 8.76%, and 8.54%, respectively.

Shiba Inu (SHIB) saw a decrease of 0.58% and is now priced at ₹0.000677. Dogecoin (DOGE) saw a decrease of 1.63% and is now priced at ₹5.99

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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