The crypto market has turned bullish after a bearish week. The total market capitalization of the crypto market increased by over $20 billion during the past 24 hours and reached $827.6 billion. BTC showed relative strength across major crypto assets with an increase of 5.31% to $7,590. Ethereum (ETH) led other cryptocurrencies with a gain of 8.222% to $1,172.50.
Bitcoin, Ethereum, Binance Coin, and Ethereum seem to be bouncing off the yearly low and reversing the downtrend.
The recent upsurge in BTC and some altcoins might suggest that the market is finishing its rinse-out even though Genesis Trading and Digital Currency Group are still facing liquidity problems.
Most crypto analysts thought that the bulls were waiting for another push below $6,000 to start a new bull cycle as per the halving interest rates model. However, so far BTC has not touched $15,000 but is trading at $16,582. with an increase of 4.94% during the past 24 hours.
This market strength is a sign that there might still be strong buying pressure in the crypto market before BTC hits $20,000 this year as predicted by some prominent crypto traders. In terms of technical indicators, the 100 Simple Moving Average (SMA) is above the 200 SMA indicating an upside potential for BTC in the near future.
Ethereum is up 8.22% to $1,172.50 during the past 24 hours and is one of the strongest crypto assets in the market currently. ETH seems to be following a similar pattern as BTC but with steeper gains indicating that traders are bullish on both cryptocurrencies and expect them to continue increasing in value.
The ETH/USD pair is trading below the 100 SMA and 200 SMA indicating a downtrend until the price increases. The technical indicators on ETH are also showing a strong potential for upside potential.
Most altcoins have shown gains over the past 24 hours including Binance Coin (BNB) which is up $16.59, Litecoin LTC at 26.21% to $79.29, and Solana by 19.34% whereby it is trading at $13.21.
With the stock market continuing to show growth, traders are looking for further resiliency in the markets which would result in prices rising even higher. The Dow Jones Industrial (DJIA) is up 0.94% and the S&P 500 has rallied 1%. With the November jobs report being released on Dec. 2nd, there is potential for even more strong growth.
Overall, the crypto market is showing signs of bullishness with BTC and ETH leading the pack. The bullish sentiment towards the crypto market might increase in the coming days as traders are looking for further gains.