The cryptocurrency scene is demonstrating signs of vigor as the value of the collective market surpasses significant thresholds. Bitcoin, maintaining a value over $52,000, is contributing to the dynamic movement of altcoins. With the cumulative market cap recently breaking through significant resistance levels, the question arises whether this uptrend will persist.
Cryptocurrency Market Surge
Investors in the cryptocurrency sphere have witnessed a series of promising trends, characterized by a substantial increase in the overall market value. The market’s capitalization has risen beyond the pivotal $1.61 trillion mark. Now having closed above the $1.88 trillion barrier, the market’s trajectory suggests a possible mid-term bullish trend. The next test for the total market cap will be the $2.1 trillion resistance level. Meanwhile, a retreat below $1.88 trillion could lead to a fallback to the earlier $1.61 trillion support zone.
Bitcoin’s Bullish Trajectory
Bitcoin, the predominant cryptocurrency, eyes the $65,000 resistance level as the next significant milestone, which is a 25% increase from its current position. The digital currency must avoid closing below $48,600 to preserve the upward momentum. A descent below this mark could signal a potential drop towards $40,600.
The performance of spot Bitcoin ETFs is also under scrutiny as the week opens following a holiday closure of the stock market. An increase in demand fueled by optimistic ETF operations could propel Bitcoin’s price towards the $58,000 mark. However, the upcoming Federal Reserve meeting minutes pose a potential threat that could dampen the current bullish expectations if the commentary alludes to less aggressive interest rate cuts.
Altcoin Market and Arweave’s Climb
Altcoins are not far behind, with some already hitting their all-time highs before the anticipated altcoin season kicks off. As Bitcoin’s dominance (BTCD) diminishes with its approaching peak, altcoins are expected to surge following Ethereum’s lead. Arweave (AR) has particularly shone, achieving a high of $15.55, and has the potential to soar by an additional 80%, targeting the $26.5 mark, assuming the momentum is sustained.
