The global cryptocurrency market continues to exhibit strong bullish momentum, with major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) driving a significant surge in the overall market capitalization.
As of today, the total crypto market cap has reached $2.7 trillion, marking an increase of nearly 10% over the past day. Similarly, trading volume has surged, exceeding $221 billion in the last 24 hours.
Performance of Major Cryptocurrencies:
Bitcoin (BTC):
Bitcoin maintains its strong upward trend, with a 13.8% increase in price over the week. In the past 24 hours alone, BTC has risen by 1.6%, currently trading at $69,871.Â
This is a slight retracement from its 24-hour high of $71,650. Analyzing the 30-minute chart, this pullback seems necessary, as BTC appears to be touching a demand zone at current price levels, potentially setting the stage for a further rally.
BTC/USDT 30-minute chart on TradingView
Ethereum (ETH):
Ethereum follows closely, with a remarkable 20% increase in the past 24 hours, continuing a week-long rise of 29.4%. This surge in ETH’s price is largely attributed to recent developments regarding the likelihood of approval for Ethereum spot ETFs by the SEC, which jumped from 25% to 75%, as reported by Bloomberg analysts.
Observing ETH’s 2-hour chart, while the asset trades at $3,730, there’s potential for a retracement to around $3,644 to test a significant demand zone, similar to Bitcoin’s current market behavior.
ETH/USDT 30-minute chart on TradingView
Optimism (OP):
Despite having the lowest market cap on this list, Optimism ranks 46th among the largest cryptocurrencies by market cap, with a current valuation just above $3 billion. OP has benefited from the overall bullish market sentiment, rising by 6.9% in the past 24 hours and 16% over the week, currently trading at $2.8.
However, the 2-hour chart indicates a potential bearish turn, as OP has tested a major supply zone and liquidity level. This suggests OP could see a significant retracement to the next swing low at $2.27, with the chart showing a bearish engulfing candle indicating strong buying pressure might have entered the market.
OP/USDT 2-hour chart on TradingView
Arbitrum (ARB):
ARB has also enjoyed bullish momentum, increasing by 13.7% in the past 24 hours and 24% over the past week, now trading above $1.17.
The price chart, similar to OP’s, suggests a potential strong retracement until the price reaches the next swing low. For ARB, this could mean a drop to as low as $0.93 before any further bullish continuation.
ARB/USDT 2-hour chart on TradingView
Dogecoin (DOGE):
Rounding out the list, Dogecoin has seen a 4.7% increase in the past 24 hours and 14.7% over the week, currently trading above $0.16. DOGE’s price chart shows that it recently broke structure, trading above a recent lower high.
However, the candle was unable to close above this broken high and is now showing signs of reversal. While sentiment may remain bullish for DOGE, this reversal could be necessary to clear out some liquidity on the sell side before continuing its upward rally.
DOGE/USDT 2-hour chart on TradingView
Wrap Up
In conclusion, the current landscape of the cryptocurrency market shows a vibrant and upward trajectory for major cryptocurrencies. Bitcoin and Ethereum continue to lead the pack, showcasing significant gains and drawing closer to key resistance levels. Both assets are demonstrating patterns that suggest brief retrace could proceed further rallies.
Optimism and Arbitrum, though smaller in market cap, are also partaking in the bullish sentiment but show signs of potential retracements that could offer strategic entry points for investors. Dogecoin, with its meme-inspired allure, is managing to keep up the momentum, although it faces immediate resistance that might lead to short-term pullbacks before continuing its ascent.
