CryptoBitcoinBitcoin and Ethereum Rally, Market Cap Nears $2 Trillion

Bitcoin and Ethereum Rally, Market Cap Nears $2 Trillion

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.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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