Crypto On June 3: Market Turns Green As Crypto Adoption Continues To Increase

The cryptocurrency market turned green Friday as most of the top tokens traded higher. This comes at a time when cryptos are seeing mainstream adoption globally.

The global market cap was up 1.33 percent at $1.25trillion, as of 4.11 a.m. ET, CoinMarketCap data showed.

Bitcoin traded 1.33 percent higher at $30358. Ethereum, however, dipped slightly and was trading at $1811. Most of the top tokens surged. Meme cryptos Shiba Inu and Dogecoin rose too.

WazirX trade desk said, "The next resistance for BTC is expected at $40,000 and an immediate support is expected at $26,800."

The Indian exchange also noted that Ethereum against Bitcoin dropped by 1.2 percent last day as Bitcoin’s dominance index climbed up to nearly 47 percent, the highest in over 7 months.

"The next support for ETH-BTC is expected at 0.055 level. The long-awaited Ethereum merge seems to be just around the corner as the ETH’s largest Testnet, Ropsten begins the execution of its pilot phase," the WazirX trade desk told International Business Times.

The gaining momentum comes at a time when governments globally are gaining trust in cryptos.

In yet another sign of growing governmental receptivity towards the adoption of blockchain technology and crypto, the Monetary Authority of Singapore (MAS) recently launched Project Guardian, a blockchain-based digital assets trial that will use tokenization.

CoinDCX said, "With regulated financial institutions such as JP Morgan, DBS Bank and Marketnode, the SGX joint venture for bonds leading the pilot, this also serves as an example of how public-private partnerships are increasingly becoming a prominent method for delivering key public services and solutions."

"Digital assets are here to stay — companies and legislations that can establish an approach early will be the ones that will differentiate themselves and shape the future of finance," the CoinDCX Research Team told International Business Times.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.