The global crypto market continues to recover due to the increased influx of capital. Bitcoin remains green for the second straight day, gaining over 7% in the last 24 hours. The price action of Ethereum also remains bullish as it has added 6.50%. Cardano and Tron are both bullish as they have added 2.63% and 3.74%, respectively.
Let’s now understand the current market scenario in detail and estimate the performance of Bitcoin, Ethereum, and others for the next few hours.
Bitcoin Surpasses $22K
In the last 24 hours, the flagship cryptocurrency has been trading upwards. At the time of writing, Bitcoin is up by 7. 40% at a price of $21,823 and a market cap of $416 billion.
- At the current price action, the BTC holds support at the $19089 level and faces resistance at the $22201 level.
- The Bollinger bands are narrow, which indicates low volatility.
- The MACD histogram is also green, again indicating the market’s bullish momentum.
- The google search volume is much higher as compared to yesterday
- The technical recommendation (1- hour) is Buy
Ethereum Remains Bullish
Ethereum also continues to benefit from the bullish market, adding 6.05% over the last day, which helped ETH to reclaim the $15B market cap value. It is currently changing hands slightly above the $1,240 level with a 24-hour trading volume of $15,840,658,989
- At the current price action, the ETH holds support at the $1233 level and faces resistance at the $1247 level.
- The Bollinger bands are narrowing, which indicates decreasing volatility.
- The MACD histogram is also green, again indicating the market’s bullish momentum.
- The google search volume is higher as compared to yesterday
- The technical recommendation (1- hour) is Buy
Other Altcoins:
- Cardano: Cardano has also enhanced its value. In the last 24 hours, it has added over 2.25%, pushing its price to tap the $0.47 level. On the last seven days chart, it has managed to add over 4.68%.
- Tron: TRX has also been bullish after adding over 3.56%. This has led to the addition of 5.43% over the last seven days. Currently, TRON is moving positively, hovering around $0.068
- Dogecoin: DOGE is trending upwards with a 3.20% increase. It is presently trading at the $0.07 level along with an increased trading volume by almost 18.99%
- Ripple: XRP also soared by almost 6.86% in the last 24 hours. It is currently trading at the $0.35 level. On the last seven days chart, it has managed to add over 11.21%.
Final Thoughts:
The global crypto market has finally recovered and managed to add considerable value. The coins like Bitcoin, Ethereum, and others have also added considerable value to their stash. Currently, the global market cap value stands at $961.99 billion. If the current momentum continues, it can easily reclaim its 1 Trillion value
