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Alts await BTC pump as MAYC NFTs net $90 million

2021.08.30 Hunain Naseer

With BTC struggling to cross 50,000 USDT most alts are in the red today with low volumes

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The cryptocurrency market is looking weak after BTC failed to breach 50,000 USDT over the weekend, going only as high as 49,632 USDT on Sunday, as per OKEx BTC/USDT price.

The total market capitalization of all cryptocurrencies is also marginally down today, standing at around $2.15 trillion. Most altcoins are in the red with the exception of SOL and ICP, along with a handful of others.

The cryptocurrency market is struggling today with BTC under selling pressure. Source: Coin360

Following El Salvador's decision to recognize BTC as legal tender, Cuba's central bank announced last week that it is also set to regulate cryptocurrency usage and issue licenses to providers of related services.

Cuba's move appears to be aimed at helping it bypass U.S. sanctions, but reports suggest that Cubans have been involved in the crypto space for a while now, as are citizens of several South American countries facing economic crises and rapid inflation. 

NFT Snapshot: After BAYC, MAYC jumps to top spot

Building on the popularity of the Bored Ape Yacht Club, its creators launched a new collection, the Mutant Ape Yacht Club, over the weekend, which sold out in less than an hour for a total of $90 million worth of ETH.

The team also airdropped "serums" to existing BAYC holders who can use them to create their own mutant apes.

BAYC launched new mutant apes in the MAYC collection. Source: Twitter

As of the last 24 hours, the MAYC collection has seen over $59 million in volume and jumped to the top spot on DappRadar.

The MAYC NFT collection ranking at the top over the last 24 hours. Source: DappRadar

BAYC's success has bolstered the already booming NFT space, with the month of August seeing record volumes across marketplaces.

Top altcoin gainers and losers: AUCTION, KP3R and FTM lead alts

  • AUCTION/USDT +21.64%
  • KP3R/USDT +18.56%
  • FTM/USDT +18.49%
  • WNCG/USDT -11.55%
  • MDT/USDT -9.25%
  • SFG/USDT -8.30%

With the market under pressure today most major altcoins are in the red, including LUNA, which posted a high of nearly 37 USDT on the weekend before falling as low as 32 USDT. Meanwhile SOL has shown no signs of stopping, repeatedly testing the 100 USDT level today and currently trading above it.

SOL is among the top performing altcoins on OKEx today. Source: OKEx

BTC technical analysis: Looking for support

BTC is showing weakness with lower lows forming on the hourly chart. However, the resistance that flipped into support three days ago is still in play. The fact that volumes are generally low and BTC lost the 100 moving average today could result in BTC testing the support around 47,000 USDT, looking for a strong bounce.

OKEx's BTC/USDT 1h chart — 8/30. Source: OKEx, TradingView

ETH technical analysis: Consolidating in a tight range

ETH hasn't shown any signs of a breakout and has been moving sideways in a tight range between 3,000-3,350 USDT. However, the price action is narrowing now and we could see increased volatility in the next couple of days. Volumes remain low though, so the likelihood of ETH dropping to test 3,000 USDT again is evidently higher than a break to the upside.

OKEx's ETH/USDT 4h chart — 8/30. Source: OKEx, TradingView

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