Market Overview:
The cryptocurrency market capitalization has surged to $1.99 trillion, experiencing a growth of over 10% in a week, with estimates suggesting it reached the $2 trillion mark last week. Bitcoin (BTC) has gained 1.4% in the last 24 hours, approaching $52.5K, while Ethereum (ETH) outpaced BTC with a 4.4% gain, breaching the $2900 level. Other notable performers include Solana (+3.5%), BNB (-0.6%), and XRP (+0.9%).
Bitcoin Outlook:
Bitcoin has quickly rebounded from a Saturday drawdown, with active buying pushing its price to range highs of the last five days. The cryptocurrency faces no significant resistance levels until it approaches the $64K area. Call option positions and strong demand for ETFs could propel Bitcoin to an all-time high by March, according to QCP Capital.
Ethereum Momentum:
Ethereum is trading in weak resistance territory after surpassing the $2900 level. A rapid recovery from $2000 to $3500 is anticipated, and this level aligns with the 161.8% Fibonacci pattern. The filing of a revised proposal for a spot Ethereum ETF by investment firm VanEck adds to the positive sentiment. Analysts expect regulatory approval for Ethereum-based exchange-traded products by May.
