Crypto Market Hits $3 Trillion Market Cap as Bitcoin, Ethereum Head North
Key Takeaways
The overall market capitalization of cryptocurrencies surpassed $3 trillion.
Bitcoin appears to be heading towards $74,700.
Ethereum is in price discovery mode, eying $5,000.
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The cryptocurrency market has kicked off the week with a bang. Ethereum appears to be leading the recent run-up among the top cryptos, but Bitcoin could soon catch up as it edges closer to new all-time highs.
Crypto Market Tops $3 Trillion for the First Time
Bitcoin and Ethereum are heading to greener pastures.
The top two cryptocurrencies by market cap saw their prices surge by more than 3.5% since the beginning of the new weekly trading session. BTC nearly retested previous all-time highs while ETH made a new record high at $4,770.
The same bullish price action has been seen across the board. Avalanche, Dogecoin, and XRP rank among the top gainers, increasing by over 7.5% market value in the past 24 hours.
Such a large capital influx has pushed the overall market capitalization of cryptocurrencies to surpass $3 trillion for the first time, according to data from CoinGecko.
As retail investors appear to be re-entering the cryptocurrency market, further upward pressure can be expected. Bitcoin appears to be targeting $74,700 while Ethereum might aim for $5,000.
Bitcoin Targets New All-Time Highs
The flagship cryptocurrency has finally concluded a two-week-long consolidation period.
Its price was stuck between $60,000 and $63,600 since Oct. 21 without providing any clear signals of where it was heading next. Now that the overhead resistance has been breached, it appears that Bitcoin is bound for new all-time highs.
The recent bullish impulse appears to have been anticipated by an ascending parallel channel that developed on BTC’s 3-day chart. The pattern’s middle trendline held as support and served as a rebound point for Bitcoin.
Further upward pressure could now push prices towards the channel’s upper boundary at $74,700.
As Bitcoin appears to be heading higher, it must print a 3-day candlestick close above $65,000 to confirm the optimistic outlook. Failing to do so could result in a steep correction towards the channel’s lower trendline at around $57,000.
Ethereum Re-Enters Price Discovery
Ethereum appears to be leading the recent run-up in the cryptocurrency market.
The second-largest cryptocurrency by market cap has re-entered price discovery mode after a brief consolidation period. It reached a new all-time high of $4,770 recently and appears to be bound for further gains.
The Tom DeMark (TD) Sequential indicator’s breakout line is currently hovering around $5,000, suggesting Ethereum is rising towards it. Investors may be inclined to realize some profits around this price point, given the psychological impact of such prices. If this were to happen, ETH would likely slow down before continuing its uptrend.
It is worth noting that regardless of Ether’s price reaction at $5,000, the trend remains upward. The breakout from a cup and handle on Oct. 20 indicates that Ethereum has more than 95% gains to realize before any significant correction. Such a bullish outlook puts ETH at $9,350.
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