New week’s cryptocurrency market analysis shows Bitcoin has remained above $23,500 as altcoins continue to add billions in market cap. Ethereum has remained at $1,600, trading at around $1,636.52, with an increase in trading volume of over 10.6 Billion dollars.
This week’s news has been abuzz with the SEC taking a stand against emojis, the discovery of a man mining bitcoin on school grounds, Voyager and FTX partnering for a massive $445 loan, CoinEX stepping away from the US market…and much more.
The market has seen unprecedented growth, with global total market capitalization reaching $1.11T and Bitcoin alone holding a market cap of $452B. This presents a strong bullish case for Bitcoin and other altcoins.
Altcoins Performance over the weekend
The top performer of the day is Stacks and Neo NEO, both increasing by more than 23.58%. Conflux, Synthex, Maker, and ssv.network SVV has also seen increases of nearly 10.83%,5.92%, and 5.50%, respectively. ApeCoin, Optimism, and Shiba Inu were all up around the 2-3% mark.
The worst-performed altcoins are 1inch Network 1INCH which has dropped by -3.33%, Hedera HBAR, which has lost -2.78%; and Quant QNT falling by -2.68%. The top ten altcoins have performed fairly well, with the exception of Chainlink, which has dropped by -0.83%, and Polygon, having fallen by -0.62%.
Bitcoin Price Analysis
Bitcoin is trading at $23,398.32 following a sharp increase in the volume of 11.43 Billion dollars and a 0.86% rise over the past 24 hours. Bitcoin has been trading above $23,500 since the beginning of this week, setting it up for some more positive gains in the near future.BTC has stayed above the daily low at $22,667.12 and is currently in bullish momentum.
The Relative Strength Index (RSI) has remained neutral at the time of writing — indicating that Bitcoin may continue to move upward in the near term.
The MACD is also showing signs of strength as it remains well above 0. If the MACD continues to stay above 0 and the RSI maintains its current position, Bitcoin can be expected to continue trading higher in the near future.
Ethereum Price Analysis
Ethereum is trading at $1,634.14, up above the SMA 200 line, with a 9.13% increase in volume over the past 24 hours totaling $11.6 billion dollars. Ethereum has remained above $1,600, trading at around $1,636.52 and continuing to hold its own on the market despite Bitcoin’s performance.
The MACD is currently sitting on the 0 levels, indicating that Ethereum is likely to continue trading at the current price or even slightly higher in the near future. The RSI is currently showing bullish momentum and has been moving upward since Friday, with a reading of 53.86 at the time of writing.
The market has seen unprecedented growth and is currently in a bullish trend. Bitcoin’s price remains above $23,500, with Ethereum trading at around $1,636.52 and an increase in trading volume of over 10.6 Billion dollars. Altcoins continue to add billions in market cap, with the top performers being Stacks and Neo NEO increasing by more than 23.58%.
