- The global market cap witnessed a surge of more than 4% in the past 24 hours and is approaching crucial resistance at $0.2.
- Major altcoins have been extremely bullish since the early trading hours, with XRP and Cardano soaring by more than 10%.
- Bitcoin has not been significantly affected by external factors such as Binance being sued, and its price has soared beyond $28,000.
Crypto Market Surge
The global market capitalization witnessed a surge of more than 4% in the past 24 hours and is approaching crucial resistance at $0.2. Top cryptos like Bitcoin and Ethereum have surged beyond their interim highs and are trying to materialize a firm upswing. The total market cap just broke out from the descending trend line when Bitcoin raised above the decisive symmetrical triangle, making it close to registering 3 successive bullish candles. This explains why the crypto space remained bullish since early trading hours.
Major altcoins like XRP remained one of the top performers of the day along with Cardano which soared by more than 10% in just a short while. With this bullish momentum mounting, a significant upswing may likely be seen for some time now. However, there is still yet to be any confirmation of this upswing for the Bitcoin price which may further break out above $30,000 before finally stabilizing itself within these range highs as per an analysis by Altcoin Sherpa on Twitter.
In recent times, Bitcoin has not been affected much by external factors such as Binance being sued recently which failed to impact on its volatility or that of other coins in general within the crypto space. Instead, its price has gone beyond $28,000 due to its current short-term upswing which could lead to even bigger gains soon if certain conditions are met.
The market sentiments appear to have shifted considerably as major altcoins remain very bullish since early trading hours today; something that could point towards an imminent significant upswing for crypto markets overall shortly if things keep going this way for long enough.