Cryptocurrencies have been trading high today, especially some of the smaller coins on the food chain. Polkadot, Dogecoin, and XRP all saw an incredible increase of over 6%. Polkadot saw its price rise to $34, with Dogecoin following at $0.31 and XRP increasing to $1.32. The top cryptocurrency Bitcoin had managed to cross the $51,000 benchmark with ease today.
With nearly all of the major cryptocurrencies seeing a rise in prices, the total market cap for the market shot up by 3%. The increase left the market cap at an incredible $2.33 trillion, which is an incredible feat that they have managed to pull off. However, the total volume of the crypto market saw a decline of 5%, leaving it at a little less than $120 billion.
The second biggest cryptocurrency, Ethereum, also saw a sizeable increase in its prices of almost 1.5%, leaving it at $3,900. Binance saw some action today as well, at 1.11%, which brought it into arms reach of the $500 mark. Cardano, the fastest rising crypto in the market, slowed down a little with a rise of only 0.47%, leaving them at $2.88.
CoinSwitch Kuber’s CBO, Sharan Nair, shred his thoughts on the incredible rise of the crypto market today. He said that the last 24 hours have been very good for crypto. It has managed to gain an incredible amount of momentum throughout the market. Furthermore, market sentiment as a whole has been good over the week, especially towards Bitcoin and Ethereum. He concluded by saying that XRP has also done quite well.
Co-founder and CEO of Mudrex, Edul Patel, said that the following week will be one to watch for Solana and Cardano. Both of them have witnessed incredible growth over the past few weeks thanks to a variety of rallies. He further added that the crypto cap reached an astounding $2.30 trillion, which was in no small part due to the insatiable demand of both retail and institutional investors.
Investors have also noticed that, on the weekly timeframe, Bitcoin has created a channel pattern. Since it is trading closer to the lower trendline, the ratio of risk/reward is sliding in favor of newer investors. These new investors can expect support towards the lower trendline, which is riding close to $35,000. On the other hand, they can expect the most resistance at the upper trendline, at $110,000.
Overall, the market is looking quite good and is on its way to grow even further. The rally that Bitcoin is seeing right now is the tide that will raise all ships and eventually increase their prices.
