|

Bitcoin and Ethereum leads market recovery as crypto market cap tops $1T

  • The Crypto market has grown back above $1T amidst sustained buyup.

  • Notwithstanding its correlation with Nasdaq 100, BTC seems to be charting a more ambitious growth curve with a healthy mid-term forecast.

  • Ethereum’s worst days seem to be over as the #1 altcoin has its sights on $1,600 resistance level

The digital currency ecosystem has been trending on a very positive trajectory since the start of the week as the combined market cap has retested the $1 trillion resistance point, for the first time in over a month.

The latest upsurge in the digital currency ecosystem is notably fueled by the impressive price actions of both Bitcoin (BTC) and Ethereum (ETH). Over the past 24 hours, BTC has added $1,850 to grow to $23,372, a price that represents 8.3% growth. ETH has also recorded massive growth over the past 2 days, breaking the psychological barrier $1,500 resistance level to hit a 24-hour high of $1,580 per data from CoinMarketCap.

From the latest events in the digital currency ecosystem, it is quite uncertain what is fueling the growth being seen, but it sure does highlight how overdue the bullish correction is since the crypto winter was ushered in.

Has Bitcoin found a new support?

Bitcoin is particularly in the spotlight of most institutional investors as the asset seems to be breaking the wagging a unique correlation with the tech-heavy Nasdaq Composite. With capital injections from the likes of MicroStrategy and El Salvador bolstering the coin Bitcoin in the past few weeks, the inherent turnaround in the premier coin might be seen as many as long overdue.

While the funds flow are not large enough to sustain a shift, they were just enough of them for restoring a glimpse of confidence, especially amongst retail investors.

Bitcoin

The BTC/USDT trading pair as seen on the 4H chart above is signaling a trend that may be very well short-lived. Besides the RSI that shows for BTC is currently almost oversold for the current time frame, the coin is trading well above its 50, 100, and 200-day Moving Averages, an indication that we are right in the middle of setting the stage for a buying opportunity that will favor the longer-term.

Ethereum’s worst days seem to be over

Ethereum has notably shown an impressive stride in the past few days as its price has grown well over 50% since the crypto market rejuvenation started. ETH has every reason to chart an upward growth path as Ethereum Foundation Developers have agreed to launch The Merge on the Mainnet by September 19.

While the date is still tentative, it gives a sense of closure to its investors, most of whom have staked to be a part of the new Proof-of-Stake (PoS) protocol that will emerge.

The advent of Ethereum 2.0 is notably a core reason for investors to start stacking up on the coin in advance as the entire protocol is poised to improve its ESG outlook on the account of being more energy-saving, along with dealing away with sky-high commission that prevented many from using ETH blockchain more often more usable blockchain for users in general. All these reasons are bound to fuel the continuous accumulation of the coin in the near future.

Bitcoin

Ethereum price trend is closely related to those of Bitcoin and a similar assumption applies. However, the Ethereum network has a more viable utility and is bound to make its own growth more steady in the long run. For now, Ethereum’s worst days are over and a break above $1,600 in the short to mid-term is imminent.

Author

Andrey Diyakonov

Andrey is a seasoned business development executive with a proven track record of engaging customers, strengthening partnerships, building and leading accomplishing teams in Financial Services, Crypto, Telco, Industrial Goods, and

More from Andrey Diyakonov
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.

Cardano struggles to extend gains as retail interest wanes despite Midnight's NIGHT token launch

Cardano ticks higher after a bearish weekend, struggling to extend an upcycle within a descending wedge pattern. On-chain data shows an increase in trading volume and user activity after the Midnight side chain token launch.

Crypto Today: Bitcoin, Ethereum recover as XRP remains supported by ETF inflows

Bitcoin is trending up toward the pivotal $90,000 level at the time of writing on Monday, which marks four consecutive days of gains. Altcoins, including Ethereum and Ripple, are also rebounding above key short-term support levels.

Bitcoin nears $90,000 as recovery hopes clash with institutional outflows

Bitcoin is approaching the $90,000 resistance level at the time of writing on Monday, raising hopes of a short-term recovery. However, the bullish recovery is being challenged by weakening institutional demand, as evidenced by outflows from Spot ETFs.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.