Crypto Market Cap Sustains above $1.25 tn, as Ethereum Price surges to $2100

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is down 1.1% trading just shy of $30,000, Ethereum price at about $2100, up about 0.2% in the past 24 hours.
2. Global crypto market cap is down about 0.2% in the past 24 hours, currently at about $1.27 trillion, according to data from CoinMarketCap.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Bitcoin Price Prediction

TOP CRYPTOS TODAY BY MARKET CAP

The overall crypto market capitalization ever since the beginning of the year has been on a strong upward trajectory and with the successful implementation of the Ethereum Shanghai Upgrade, the second-largest crypto by market cap and the largest smart contract-capable crypto network has displayed a very positive 10% spike in 2 days, going from around $1900 to around $2100 as of writing this article. This jump in the largest altcoin has resulted in the overall crypto market gaining back a major chunk of its lost ground amid last year's bear run and is currently at a 10-month high, with a near 65% rally in 2023.

Total Crypto Market Cap | Source: TradingView

The other major altcoins in the top 15 cryptos by market cap have also been gaining a lot amid this boost of positivity in the market. One of the biggest gainers in the year-to-date timeframe has been Solana (SOL), but others like Avalanche (AVAX) and Cardano (ADA) have been gaining significantly too! SOL has gained over 150% in YTD, while AVAX and ADA have gained 89% and 77% respectively. AVAX and SOL also happen to be the biggest gainers of the day, with the top memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) lagging behind the others in this potentially early altcoin season.

BITCOIN PRICE TODAY

BTC/USD | Source: TradingView

The king coin, Bitcoin has been on a roll since the beginning of 2023. It has seen a steady, undeterred growth in value all through the year, except for a brief while during the collapse of the Silicon Valley Bank in March, which resulted in the depegging of the USDC stablecoin - the second largest stablecoin by market cap. However, since that was resolved, Bitcoin quickly recovered all its losses and continued its upward journey.

From a technical point of view, BTC price is very well positioned above a bunch of crucial support levels. BTC price is now on the positive side of a golden crossover of the 50 and 200-day moving averages and also has breached the strict resistance level of $28,100. It is now inside the accumulation zone (marked in grey) where BTC price can be expected to spend some time absorbing all the selling pressures before continuing its rally. The $32,000 mark would serve as another major resistance for the time being. The Relative Strength Index is also at a decently positive region of about 65, with potential for upward moves from current levels.

ETHEREUM PRICE TODAY

ETH/USD | Source: TradingView

The altcoin king too has had a very positive 2023 so far, though its growth has been slightly slower than Bitcoin. That is natural as historically, bear runs are typically ended by a rally by Bitcoin which is then followed by other altcoins as the overall sentiments begin to improve. While Ethereum did have a slower start, ever since the Shapella Upgrade last week, ETH price has been showing a lot of positive enthusiasm. While Bitcoin is in the middle of an accumulation zone, ETH price is towards the upper edge of a similar accumulation zone (marked in grey) and could provide a breakout any time soon.

Further, ETH is also trading well above its golden crossover of the 50 and 200-day moving averages and a sustained breakout over the $2100 mark could result in a major rally all the way up to $2500 or a near 22% hike from current levels. While the RSI for ETH price is slightly on the higher side currently at 71, it shouldn't be too much of a problem if the market sentiments stay positive.

Additional read: Ethereum Price Prediction 2023