Crypto market cap surpasses $1 trillion as altcoins rise
The total market capitalization of crypto has passed $1 trillion. Alts like ETH, DOGE and TON have supported BTC’s contribution to the market cap.
According to CoinGecko, the global cryptocurrency market capitalization has passed $1 trillion. The top winners on CoinGecko are Kompete, PointPay and Illuvium. However, the large-cap and mid-cap rally contribute the most to the total market capitalization.
Bitcoin BTC Price Analysis
In a daily time frame, Bitcoin has broken out of the double bottom pattern. Since the price is significantly above the $20,367 threshold, it is highly likely to make a daily close above it today.
However, the price is fighting immediate resistance from the 100-day simple moving average (SMA) at $20,908, the 20-week SMA at $21,046, and the 100-day exponential moving average (EMA) at $21,227. These resistances could slow Bitcoin’s rally.
However, a daily close above all these resistances could easily send the price to above $23,000 levels.
The Total Crypto Market Price Analysis
The total crypto market cap on TradingView calculates the sum of only the top 125 coins. Therefore, there is a difference in the market value reported by CoinGecko which evaluates over 13,260 coins.
The total crypto market cap had a similar breakout to Bitcoin. It broke out from the neck of the double bottom at 940.122 billion supported by volume. Although the price is trading above the 20-week SMA, it is fighting against the resistance of the 100-day SMA and 100-day EMA.
If there is a close above these resistance levels, the price could visit the $1 trillion area.
The $1 trillion market cap is a huge milestone for crypto. The community is happy because the crypto market is showing bullish strength for the first time in weeks.
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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
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