The global cryptocurrency market cap makes a return to $2 trillion after an exit more than ten days ago. The market value is estimated at $2.14 trillion at the time of writing. The market has gone up by 9% in the last 48 hours as the general market sentiment becomes bullish.
General market sentiment has rapidly increased over the last 48 hours as we notice a fast decrease in FUD. Coinfomania predicted this in one analysis when talking about the fear and greed index. The article stated that with more Twitter influencers calling for calm, we may see an improvement in this index.
The biggest news for the crypto market is that the Iranian government has officially lifted the ban on bitcoin mining after the country’s former president, Hassan Rouhani, suspended all mining activities three months ago.
The news contributed to the more than $4,000 increase in Bitcoin prices. BTC hits $48,000 after a more than 10 days absence. The king coin has gone up by more than 14% over the last four days. Other coins also had their moments over the last six days. Let’s see how they performed.
Many traders were thrilled that Bitcoin returned to $44,000 for the first time after more than four days of absence. The price mark attained by the coin was especially one that many anticipated as the $45k resistance is next on the line to flip once the coin gains more leverage at $44k.
BTC saw the previously foretold gradual surge and hit $48k over the last 24 hours. The largest coin by market cap saw a change in its trends starting from the last day of the previous month. The week is about to end with the king coin gaining 10.3% since its beginning.
Bitcoin’s current price sees it steer clear of any attempt at $45k as it is trading above $48k. Fears of BTC dipping $40,000 have subsided as many traders are looking forward to more upswings. Nonetheless, recent price actions show the bears are trying to start a downtrend.
The above claim is evident as we see that crypto’s largest coin receded to the $47k region. in the likely event of a bearish takeover, the buyer will have to defend attacks against the $45,000 support or risk further price slip. The bulls are hopeful that the next upward drive will take bitcoin drive will take BTC above $50,000.
Ether also made a return to $3,400 as it is about to end the week with gains of more than 18%. The hike to the new high started about the same time as BTC. The largest alt had it biggest run on the first day of the new month as it gained more than 10% during the time.
A recovery above to $3,000 from $2,900 sparked hopes of the current high. With the $3,000 support intact, we may expect more uptrend as ETH will pick up momentum as the market sentiment continue to favor the bulls.
With Ethereum above the 50-days MA ($3,295), the $3,200 mark is a short term support as it may be tested in comings and may flip, depending on the pressure of the attack. We may see ETH retest $3,600 soon.
Cardano was on it way to trading below $2 in the early part of the week as the mark came under test twice. The coin picked up momentum three days to the time of writing and averted the looming danger.
The gradual surge resulted in the third-largest coin by market cap cushioning the effect of the price dip it suffered earlier. It is about to close the week at a 0.88% loss after hitting a high of $2.31 and low of $2.02.
The buyers may rally cardano as high as $2.4 in a bid to get above $2.5. Staying off bearish sentiment will help the coin fend off any attacks that may hit $2.2 as a result of small selloffs ADA may experience. We are about seeing a bullish interception on MACD that may trigger an increase in buying pressure.
The Binance coin is the one with the most surge during the week. After spending the early parts of the week below $400, BNB made a come back with a more than $100 increase over the last four days. The increase represent 25% of price it started the week and is about ending the week with the increase.
A previous analysis stated that the fifth coin by market cap is currently bearish according to the Pivot Point Standard, as it trading below its pivot point. BNB is trading above its first pivot support at $341 after breaking it thrice this week. We may see the coin surge above $400 in the coming days as market conditions improve.
After attaining $400 and exceeding it. We may see BNB attempt flipping $450.