Crypto Market Cap Reclaims $1 Trillion as Bitcoin Sets Sights on $40K (Market Watch)

Following a few days of hiatus, bitcoin seems to be resuming its bull run by adding over $6,000 of value in a day and nearing $39,000. Most alternative coins have added significant chunks of value as well, and the market cap has reclaimed $1 trillion.

Bitcoin Eyes $40K

As reported earlier this week, bitcoin’s price plummeted by nearly $12,000 in a day on Monday. The adverse developments resulted in BTC touching $30,000. Although the cryptocurrency bounced off initially and seemed as the correction was over, yesterday marked another day of price dips.

However, the situation has changed entirely in the past 24 hours. BTC has surged by over $6,000 since yesterday’s bottom at $32,300 and currently sits close to $39,000. This price tag is also the first resistance line, according to the technical indicators.

Should bitcoin reclaim that obstacle, the next resistance levels lie at $40,000, $41,200, and the all-time high of $42,000.

Alternatively, the support lines at $36,600, $35,200, and $34,000 could assist in case of another price breakdown.

 TradingViewBTCUSD. Source: TradingView

Gaining Altcoins Reclaim $1T Market Cap

Most alternative coins copied BTC’s highly turbulent price performance this week, including today’s impressive gains. Ethereum has led the altcoin charge with a 9% surge to above $1,150.

Bitcoin Cash (6%) has reclaimed the $500 price mark, while Binance Coin (7%) is above $40 once more. Chainlink (10%), Cardano (7.5%), and Litecoin (8%) are also well in the green.

Polkadot’s performance has trumped all top ten coins. DOT has exploded by 24% to a new all-time high of over $11.

XRP is the only top ten representative that has failed to mark serious gains. Ripple’s upcoming battle with the SEC continues to harm the native digital asset as numerous crypto-related organizations have removed the token.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

More gains are evident from Loopring (30%), HedgeTrade (25%), Ren (25%), THORChain (23%), Kusama (23%), Blockstack (22%), IOST (22%), SushiSwap (21%), Voyager Token (20%) and more.

In total, the cumulative market capitalization of all cryptocurrency assets has added $140 billion in a day to $1.04 trillion.

 

Publication date: 
01/14/2021 - 11:03
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