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Crypto Market Cap Smashes $1 Trillion, BTC, ETH, ADA Lead Gains

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VOC, Voice of Crypto, Bitcoin, BTC, Crypto, ETH, ADA, DOGE

Key Insights:

  • The global crypto market’s market volume over the last 24 hours is over $85 billion, marking a 65%+ increase.
  • The top ten cryptocurrencies are now in greens.
  • Bitcoin, Cardano, Dogecoin, and Ethereum gaining as much as 5 – 10% over the last 24 hours.
  • For weeks, the crypto market suffered from a lack of volatility as neither bulls nor bears showed any signs of strength or intention to take action.

Bitcoin, the flagship cryptocurrency with a grip on the entire crypto market, failed to rise above the $20,300 mark or sink below the $18,200 support.

However, this week, the bulls appear to have taken action at long last. The top ten cryptocurrencies are now in greens, with Bitcoin, Cardano, Dogecoin, and Ethereum gaining as much as 5 – 10% over the last 24 hours.

The global crypto market cap has risen as well, gaining 5% and sitting comfortably above the trillion dollar mark at the time of writing.

The global crypto market’s market volume over the last 24 hours is over $85 billion, marking a 65%+ increase.

Crypto Bitcoin Beats the $20,000 Mark

According to data from CoinMarketCap, at the time of writing, bitcoin is at a $20,700 high after rising more than 7% over the last day.

This is especially a huge move, considering how bitcoin has been relatively stagnant over the last few weeks. BTC has ranged lazily between the $19,000 and $20,000 marks since September.

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The only time the cryptocurrency broke the range between both trendlines was in the previous week when it fell through the $19,000 support and hit $18,600.

However, over the last 24 hours, things started to change when bitcoin finally broke through the $20,000 resistance and leftover $550 million in trade liquidations in its wake according to data from CoinGlass.

VOC, Voice Of Crypto, Trade liquidation data

Snapshot showing trade liquidation data in the last 24 hours | Source: CoinGlass

Six hours after the impulse move on bitcoin to the upside, it started to consolidate and initiated another leg up to the $20,700 zone where it now sits.

Voc, Voice of crypto, Chart showing bitcoin’s uptrend over the hourly timeframe 

Chart showing bitcoin’s uptrend over the hourly timeframe | Source: Tradingview

Bitcoin’s market cap has increased along with its price, and is now closer to the $400 billion mark ($396.6 billion) at the time of writing, according to data from CoinMarketCap.

As illustrated by the chart above, bitcoin’s RSI in the 4-hour timeframe shows oversold conditions at 78.86. This indicates that a correction or consolidation around the $21,000 resistance is very possible before a retracement or breakout happens depending on the strength of the bulls versus the bears.

Chart showing possible price trajectory on Bitcoin 

Chart showing possible price trajectory on Bitcoin | Source: Tradingview

Crypto Ethereum breaks $1,400

Ethereum is also one of the biggest gainers on the market, even outperforming bitcoin.

The second largest cryptocurrency by market cap has risen by a jaw-dropping 14.25% over the last day, and sits at $1,535 at the time of writing, according to data from CoinMarketCap.

Chart showing breakout from the $1,400 mark on Ethereum, VOC

Chart showing breakout from the $1,400 mark on Ethereum | Source: Tradingview

Ever since the much-awaited Ethereum merge happened, the price of the cryptocurrency fell from its $1,700 pre-merge high to a low of $1,250 between mid-September and early October.

Ethereum Price Action

Ethereum Price Action | Source: Tradingview

However, Ethereum now appears to be attempting to reach the $1,700 – $1,800 highs again.

After breaking out of the $1,400 mark (illustrated by the blue line), if the bulls apply enough strength, the price of Ethereum may begin to rally to the $1,800 mark.

Conversely, if the bears manage to wrestle control out of the hands of the bulls, the price of Ethereum may fall again, and retest the $1,250 mark.

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Cardano breaks $0.35

Like Ethereum, Cardano is one of the top gainers in the crypto market.

According to data from CoinMarketCap, Cardano is up by 13% at the time of writing, making it one of the top gainers in the crypto market’s top 10.

Chart showing Cardano's rise in price over the last day, VOC

Chart showing Cardano’s rise in price over the last day | Source: Tradingview

Cardano currently sits at a price of $0.4074 at the time of writing after breaking the support levels around the $0.35 and $0.37 levels.

The cryptocurrency currently faces strong resistance around the $0.4 – $0.41 zone.

Chart showing possible price trajectory on Cardano, VOC

Chart showing possible price trajectory on Cardano | Source: Tradingview

Depending on the strength of the bulls versus the bears at this crucial resistance level, Cardano may experience a bullish rally to the $0.48 -$0.5 zone if the bulls manage to initiate a breakout from the $0.41 zone.

Conversely, the price of Cardano still has a fairly good chance of declining to its previous lows if the bulls fail to initiate this crucial breakout.

Other Altcoins Leading the Charge

Several altcoins in the top ten rankings have experienced similar price uptrends as well.

Solana for example is up by 13% over the last 24 hours and 5.22% over the last 7 days at the time of writing. Dogecoin is up by 13.38% over the last day and up by 15.29% over the last 7.

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Chart showing average price increments in some of the top cryptos, VOC, Voice Of Crypto

Chart showing average price increments in some of the top cryptos | Source: CoinMarketCap

Matic and Polkadot have done well for themselves as well, with Matic gaining 7.79% over the last day and 10.09% over the last 7. Polkadot, on the other hand, is up by 10.10% over the last day at the time of writing and is up by 7.53% over the last 7 days.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

 

Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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