Bitcoin (BTC) picked up a great wave of momentum this week as the king coin leads the pack to the milestone of $1 Trillion in market cap. The asset is now trading at over $23,000 and is nosing toward $23,500.
Altcoins have also seen strong gains this week despite Bitcoin taking most of the spotlight. Ethereum (ETH) has maintained its momentum and is currently consolidating above $1,500. Ripple (XRP) is up 1.60% and trading at $0.4165 while Polkadot (DOT) has risen 2.42%.
Altcoin season is in full swing with Cardano (ADA), Binance Coin (BNB), Litecoin (LTC), Bitcoin Cash (BCH), and Chainlink (LINK) all recording minor gains. The overall market capitalization of the crypto market has now surged past $1 Trillion, while Bitcoin’s dominance continues to drop, currently sitting at 41.17%.
The top gainers of the day are GALA, gaining by over 27%. The rest of the top performers of the day are Trust Wallet Token, Avalanche, Enjin Coin, Flax Share, and GMX token which have gained by over 10%.
The markets weighed the potential impact of Genesis Capital’s bankruptcy on Jan. 19 and the recent rally in Bitcoin. Despite the news, the overall market sentiment appears to be bullish as investors continue to flock into the crypto space.
Over the course of the week, total market capitalization saw a 7% climb despite Ether’s downturn in price. Nonetheless, optimism remained high, leading to 11 coins among the top 80 registering an 18% or greater yield within that time frame.
Bitcoin price analysis
Bitcoin is trading at $23,003.26, with a 24-hour trading volume of $22,340,961,518. BTC is up 0.13% in the last 24 hours. The total market cap of Bitcoin is currently $444.7 billion.
The current price of Bitcoin has increased by 36% over the past 30 days and it continues to rise steadily with no signs of reversing. The current level of support is at $22,200 and the next resistance level is at $24,000.
Bitcoin’s price is trading above the 21-day EMA, indicating that the bulls are in control of the market. The RSI is above 50 which shows that the buying pressure is higher than the selling pressure at this point.
The MACD indicator has turned positive for BTC and it looks like we could be in for a period of sideways trading before another move up or down. For now, the sentiment towards Bitcoin remains positive and it looks like the asset is on its way to testing $24,000 soon.
The current support level for Bitcoin is at $22,200 and the next resistance level is at $24,000. The Stochastic RSI is currently in the overbought zone which indicates that we could see some profit-taking and a slight correction in price.
Ethereum Price Analysis
Ethereum is trading at $1,591.12 after a slowed momentum in the last few hours.ETH/USD has been consolidating above $1,500 despite a slight drop in the last 24 hours. The total market cap of Ethereum is currently $186 billion.
The current price of Ethereum has increased by over 33% in the past 30 days, indicating a bullish sentiment and strong demand for ETH. The current support level for Ethereum is at $1,540 and the next resistance level is at $1,620.
Ethereum has formed a stagnant triangle pattern on the hourly chart, indicating that a direction may be established soon. The RSI is currently trending in the neutral zone and the MACD has turned bullish, suggesting that the price could move higher soon.
The Stochastic RSI is currently in the overbought zone which suggests that we could see a pullback in price before it moves up again. Overall, the sentiment towards Ethereum remains positive and it looks like ETH may reach $1,620 or beyond in the near future.
The current market sentiment is slightly bullish, with Bitcoin, Ethereum, and other major altcoins recording minor gains across the board. In the last week of January, total market capitalization surged past $1 trillion, while Bitcoin’s dominance continued to rise.
