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Bitcoin’s market dominance propel’s the industry’s growth, market cap reaches $1.5 trillion

By December 7, 20232 minute read

The market is signaling a strong ‘Buy’ sentiment, driven by the remarkable rally of Bitcoin. Memecoins, including Shiba Inu and Dogecoin, are riding a fresh wave of momentum, experiencing significant price gains amid the broader market upswing.

Bitcoin, commanding a market dominance of over 53%, is not only shaping the crypto landscape but also paving the way for notable developments across the ecosystem.

The Exponential Moving Average for 10-day EMA indicates “Buy” at 41250 and 200-day EMA indicates “Buy” at 30860. The Simple Moving Average for 10-day SMA indicates “Buy” at 40539 and 200-day SMA indicates “Buy” at 30005.

The Ichimoku Base Line, valued at 39746, continues to be neutral. The Hull Moving Average indicates “Sell” at 44985. The Volume Weighted Moving Average indicates “Buy” at 38003. 

The Relative Strength Index (14) sits at 79, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 93 and the Average Directional Index (14) at 53 indicate a Neutral outlook. 

The MACD Level (12, 26), at 2020, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) at 94 indicates ‘Neutral’ and William’s Percentage at -7 indicates ‘Neutral’.

As of 10:00 AM, 7th December 2023, on WazirX, Bitcoin’s price is ₹38,00,000, with a 0.53% increase in the last 24 hours. There was a 10.99% increase in its price in the last week.

Ethereum (ETH) is trading at ₹1,96,999. There was an increase of 0.73% in the last 24 hours. There was a 3.94% increase in its price in the last week.

The top gainers on WazirX include BitTorrent(BTTC), Bob(BOB), DeXe(DEXE) with price increases of 51.76%, 30.51%, and 14.29%, respectively.

However, the tokens that underperformed comprised Bakery Token(BAKE), MOBOX(MBOX), and Pendle (PENDLE), with a price decrease of 21.24%, 10.5%, and 9.74%, respectively.

Shiba Inu (SHIB) saw a price increase of 4.27% and is now priced at ₹0.000853. Dogecoin (DOGE) saw a increase of 1.94% and is now priced at ₹8.49.

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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