Crypto Market Cap sustains above $1.15 Tn, Bitcoin Price at $28K, Dogecoin making waves!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up 1.3% trading at $28,200, while Ethereum price at about $1830, also up about 1.2% today.
2. Global crypto market cap is up about 1% in the past 24 hours, currently at about $1.18 trillion.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Bitcoin Price Prediction

TOP CRYPTOS TODAY BY MARKET CAP

As we can observe from the chart above, Dogecoin has given returns far in excess of other coins out of the top 15 cryptos by market cap. We will get to that a little later, but let's discuss the other parts before. Bitcoin and Ethereum, the two largest cryptos by market capitalization also gained amid the 1% rise in the overall crypto market. Thus, despite the crazy spike in Dogecoin price, Bitcoin has been the biggest gainer in percentage terms in Q1 2023, second only to Solana - BTC gained over 70% while SOL has more than doubled in the same timeframe. However, if we were to convert that into dollar terms, Bitcoin has gained significantly more than Solana, despite Solana doubling in the same time frame.

In tandem with Dogecoin's price rally, its younger memecoin competitor, Shiba Inu - also saw a significant rally, although not as much as Dogecoin. While DOGE price has gained nearly 30% in the past 24 hours, SHIB price has rallied over 6%! And all of this was a result of this new development from the Dogefather himself!

As promised pic.twitter.com/Jc1TnAqxAV

— Elon Musk (@elonmusk) April 3, 2023

And so he did! He changed the logo of Twitter for a brief while and replaced it with the DOGE icon. As of writing, it is still live on the Twitter web portal and its no wonder why DOGE price is rallying so much. Musk's outspoken support for the largest memecoin by market cap is very well known within the crypto community and there have been rumors of integrating DOGE as a mode of payment in Elon's various companies, including Twitter. Thus this swapping out of the familiar Twitter icon for the Dogecoin icon has garnered a lot of interest!

BITCOIN PRICE TODAY

BTC/USD | Source: TradingView

Bitcoin's rally since the beginning of 2023 has been extraordinary. It has gone from $16,000 levels and is currently trading over $28,000, managing to regain over 73% of its lost market capitalization during the bear market of 2022. From the chart above we can clearly see how strongly BTC price has managed to rise up the ranks to recover all the value it had lost during the FTX crypto exchange collapse and more recently the Silicon Valley Bank collapse, and then some!  In fact, BTC price is trading at a near 9-month high as of writing!

From a technical perspective, Bitcoin price has managed to break past various levels of resistance and is currently trading at the edge of a very crucial resistance region (marked in grey). It has been stuck at this level for little more than a week now and if the overall positive momentum in the market continues, we could see a breakout above the $28,500 mark and into the $29,000 to $32,000 region. Now this region would be tough to break as it happens to be a long-term supply zone and thus, could face selling pressures coming in.

However, on the bullish side, BTC price does have the golden crossover of the 50 and the 200-day moving averages in its favor and that could support upward momentum in the king coin going forward. Additionally, the Relative Strength Index is in a relatively good position to support an upward move as it hasn't yet reached an overbought territory yet.

ETHEREUM PRICE TODAY

ETH/USD | Source: TradingView

Ethereum price has been relatively more subdued when compared to that of Bitcoin as in percentage terms, ETH price has only managed to gain a little over 55% in the same timeframe as BTC. However, technically, it is in a better position than that of Bitcoin, but more on that later. Bitcoin has been able to rally more strongly in Q1 2023, but Ethereum's rally has been hit significantly by the crash of the Silicon Valley Bank, where a sizable chunk of USDC's cash reserves was saved. That resulted in a de-pegging of the second largest stablecoin by market cap, and putting a major dent in the DeFi industry, which is led primarily by Ethereum. Hence, the ETH prices had a harder time recovering.

Read More: Ethereum Price Prediction

Now, despite that, thanks to the events surrounding Ethereum Merge last year and the highly anticipated Ethereum Shanghai Upgrade slated for April 12, ETH prices have managed to break past smaller resistances and has broken into the supply zone (marked in grey). In fact, as of writing, it has gone well beyond the first resistance level, flipping it into a support - to touch near $1900 levels.

As of writing, it is trading above the $1830 mark and can continue to rally up to the $2100 mark which would serve as a crucial resistance for ETH price. It also has a relatively better-off RSI level of 62 to support a further jump from current levels.

Prices as on April 4, 2023.