Bitcoin has soared to $54k today after a long period of price consolidation between the $42k and the $50k range. The spike is a significant one as Ethereum currently sits over $1800 dollars and Cardano is currently at $1.16.
Bitcoin To Reach $60k and Ethereum To Fly to $3000?
Could these prices be the result of price action that has taken a month of accumulation? Bitcoin in the month of Feb at one point did reach $58k before sliding all the way back down to $42k. This resulted in the price going beyond $50k several times only for it to not be able to fight past that level of resistance.
However, the fact that this particular level of resistance was tested so many times should act as a bullish sign for Bitcoin holders. ETH on the other hand really is showing strong signs that the coin could have a crazy March. Before the dip, ETH had already built up much resistance and looked set to break $2000 easily before the price of Bitcoin took the price down of the entire market with the exception of Cardano.
This would suggest that there are a lot of people who are invested in ETH who would be considered long-term holders. Meaning that this new bull run could see a fewer percentage of people selling their gains for profit.
The Global Crypto Market Cap Is Currently Worth $1.7 Trillion
This number might hurt the ears, but the entire worth of crypto is now $1.7 trillion. Bitcoin accounts for almost 70% of this while Ethereum today jumped beyond the 200 Billion dollar market cap.
To give some indication of Bitcoin dominance, Chainlink is currently the 10th biggest coin in terms of market cap and its current market cap is $12 billion. This leads many to believe that the best investments you can make while investing in crypto are in Altcoins.