After a brutal sell-off over the weekend, cryptos are now showing resilience with some of the cryptos gaining over 10 percent to 30 percent. At the time of writing this copy at around 4:21 pm (IST), the Coindesk's compiled top 20 cryptos traded in the green with Bitcoin up over 8 percent over the last 24 hours at $51.4k Meanwhile, other notable digital tokens too spurted in trade on December 7, 2021 with Polkadot seeing the most gains of over 30 percent.
Technicals suggest that bitcoin has been stabilizing above its 20-day average 2 days after its crash of almost 1/5th its value on macro-economic triggers and profit taking.
Furthermore, as per the data from infinite market cap, the market cap of the second biggest crypto-Ether has surpassed the m-cap of global banks including JP Morgan. Last the crypto traded higher by close to 12 percent with m-cap of $522,763,987,336. The simple reason for the outperformance of Ether in comparison to Bitcoin is what analysts have been hinting at for quite a while now-the real use cases of Ethereum blockchain shall render Ether to top the crypto space as the dominant cryptocurrency.
India-Upcoming new cryptocurrency bill
As per a Bloomberg report, the centre is mulling a proposal to declare a timeline to the crypto investing community in India to declare their crypto holdings and become compliant with the upcoming new regulations. As there is a view that the asset can be put under the financial asset category, SEBI will probably be overseeing and administering the asset class.