Crypto Analysis: A More Than 5% Increase Sees Valuation Exceed $1 Trillion

The crypto market is seeing a notable increase in value. This marks the third week of consistent positive change in price.  During the previous seven-day session, it experienced some of these increases. Let’s see how it performed.

It started the week at $983 billion. It dipped a little to a low of $965 billion. However, the bulls kicked back as the global cryptocurrency market cap peaked at $1.05 trillion. it ended a little lower but attained several milestones. One such is returning above $1 T for the first time in more than a month.

Many traders are looking into the cause of the latest surge. While many suggested that this is a bull’s trap, others are excited about the most recent feats of most assets. Let’s see how some in the top 10 performed.

BTC/USD

Bitcoin continued its surge as it closed the previous week, with gains of almost 9%. This surprises many, as they expected a massive drawback from the 22% increase two weeks ago. The previous seven-day session saw the apex coin record minute increase.

The next two days were marked with small decreases as we saw red candles represent them. The biggest highlight of the period under consideration was Friday. BTC opened the day at $21k but surged to a high of $22,750. This was the first since November the asset is making an attempt at this mark.

Nonetheless, it ended the 24-hour cycle with gains of more than 7%. The bulls took flipping key resistance further as bitcoin broke $23k on Saturday. However, the victory was short-lived as it faced strong rejection at its peak of $23,362. It failed to record any notable increases as the session came to an end.

On the part of the indicators, there is no new information. Nonetheless, there were some close calls. For example, after two days of consistent downtrends, the 12-day EMA on MACD was slightly arched, spreading fear of bearish convergence. It recovered and continued its bullish trajectory.

ETH/USD

Ethereum also saw the same sentiment as the previously highlighted crypto. We noticed it had a good start to the week but failed to record any notable increases on Monday. The next two days were marked by a consistent downtrend that spread fear of further price decreases.

Nonetheless, we noticed a buildup to another massive bullish push on Friday. The main highlights of the week took place on Saturday as the coin opened the day at $1,551a and surged to a high of $1,671. It closed a little lower but registered gains of more than 6%. This was the biggest increase it had during the week.

This also marked the first time since November 2022 the asset has attained this level. On the weekly scale, ETH closed with gains of more than 4%. It is also worth noting that this is the second consecutive week of gains. On the part of the indicators, there are no notable changes to their trajectory.

The Moving Average Convergence Divergence continued its uptrend as both the 12-day EMA and the 26-day EMA exceeded their peak for the past six months. The Relative Strength Index is another metric. Currently above 70, its blaring warnings of an impending correction.

BNB/USD

Binance coin had a very volatile performance during the previous week. It’s fair to say that both the bulls and bears had their moments. A clear indication of this was a doji. Although red, it spreads a lot of uncertainty in price.

Tuesday was no different as we noticed another doji. BNB had one of its biggest movements on Wednesday as we noticed it dipped by more than 4%; losing the $300 support. Nonetheless, it reclaimed it two days later.

With regard to indicators, there are no notable changes. However, the Relative Strength Index took a dip to its lowest in almost fourteen days. The Moving Average Convergence Divergence was slightly arched; causing concerns of an impending bearish cross. It is back to its previous upward trend.

XRP/USD

Ripple spent the previous week recovering from a drop to $0.36 and was successful. The major correction took place on Wednesday as the bear took control of the market. During the next two intraday sessions, XRP reclaimed the lost level as was on an uptrend.

One of the most notable surges was on Friday when the altcoin peaked at $0.41 and closed at the mark with gains of more than 5%. On the weekly scale, it registered increases of almost 5%. As with the other assets, there are no big moves with regard to indicators.

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  • bitcoinBitcoin (BTC) $ 23,178.00 1.35%
  • ethereumEthereum (ETH) $ 1,649.69 2.04%
  • bnbBNB (BNB) $ 327.42 1.15%
  • xrpXRP (XRP) $ 0.404883 1.88%
  • solanaSolana (SOL) $ 23.69 4.48%
  • terra-luna-2Terra (LUNA) $ 2.08 6.27%