The overall market capitalization of cryptocurrencies surpassed $3 trillion.
Bitcoin appears to be heading towards $74,700.
Ethereum is in price discovery mode, eying $5,000.
Share this article
The cryptocurrency market has kicked off the week with a bang. Ethereum appears to be leading the recent run-up among the top cryptos, but Bitcoin could soon catch up as it edges closer to new all-time highs.
Crypto Market Tops $3 Trillion for the First Time
Bitcoin and Ethereum are heading to greener pastures.
The top two cryptocurrencies by market cap saw their prices surge by more than 3.5% since the beginning of the new weekly trading session. BTC nearly retested previous all-time highs while ETH made a new record high at $4,770.
The same bullish price action has been seen across the board. Avalanche, Dogecoin, and XRP rank among the top gainers, increasing by over 7.5% market value in the past 24 hours.
Such a large capital influx has pushed the overall market capitalization of cryptocurrencies to surpass $3 trillion for the first time, according to data from CoinGecko.
As retail investors appear to be re-entering the cryptocurrency market, further upward pressure can be expected. Bitcoin appears to be targeting $74,700 while Ethereum might aim for $5,000.
Bitcoin Targets New All-Time Highs
The flagship cryptocurrency has finally concluded a two-week-long consolidation period.
Its price was stuck between $60,000 and $63,600 since Oct. 21 without providing any clear signals of where it was heading next. Now that the overhead resistance has been breached, it appears that Bitcoin is bound for new all-time highs.
The recent bullish impulse appears to have been anticipated by an ascending parallel channel that developed on BTC’s 3-day chart. The pattern’s middle trendline held as support and served as a rebound point for Bitcoin.
Further upward pressure could now push prices towards the channel’s upper boundary at $74,700.
As Bitcoin appears to be heading higher, it must print a 3-day candlestick close above $65,000 to confirm the optimistic outlook. Failing to do so could result in a steep correction towards the channel’s lower trendline at around $57,000.
Ethereum Re-Enters Price Discovery
Ethereum appears to be leading the recent run-up in the cryptocurrency market.
The second-largest cryptocurrency by market cap has re-entered price discovery mode after a brief consolidation period. It reached a new all-time high of $4,770 recently and appears to be bound for further gains.
The Tom DeMark (TD) Sequential indicator’s breakout line is currently hovering around $5,000, suggesting Ethereum is rising towards it. Investors may be inclined to realize some profits around this price point, given the psychological impact of such prices. If this were to happen, ETH would likely slow down before continuing its uptrend.
It is worth noting that regardless of Ether’s price reaction at $5,000, the trend remains upward. The breakout from a cup and handle on Oct. 20 indicates that Ethereum has more than 95% gains to realize before any significant correction. Such a bullish outlook puts ETH at $9,350.
This news was brought to you by Phemex, our preferred Derivatives Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Kroger Denies Bitcoin Cash Reports
False news that grocery giant Kroger would begin accepting Bitcoin Cash (BCH) as payment in its stores circulated online today before the company denied its truthfulness. Kroger Denies Bitcoin Cash…
Ethereum Name Service Is Launching a Governance Token
The Ethereum Name Service (ENS) has announced that it will launch a governance token and accept delegate applications. Ethereum Name Service Will Form a DAO Director of operations Brantly Millegan…
Despite Volatility, Bitcoin Still Looks Strong
Bitcoin has shaken some of the so-called “weak hands” out of the market as it continues to trade within a tight price pocket with no clear direction. Still, on-chain data…
How Bumper’s Price Protection Helps DeFi Users Earn Yield on Their A…
Is it possible to build a DeFi protocol that counters crypto’s inherent volatility while also letting holders enjoy the upshot of their assets? Bumper Finance is a DeFi price-protection protocol that aims…