The cryptocurrency market is experiencing a significant upturn, as indicated by the latest Altcoin RSI Heatmap from Coinglass. This heatmap reveals that most coins are moving into higher Relative Strength Index (RSI) regions, signifying a strong bullish momentum across the market.
The surge in Bitcoin’s value is especially noteworthy as it crosses the $40,000 mark, a first in 18 months, establishing a new high for 2023. In the last 24 hours alone, Bitcoin’s price has risen by 6.09% , reaching $41,983.55, accompanied by a substantial 12.00% increase in the last 7 days and trading volume to $29.7billion. Notably, in the past month, Bitcoin has seen an impressive growth of nearly 18%.
Ethereum is also riding this wave of positivity, surging 2.96% to reach $2,240.29. By crossing the crucial $2,200 mark, Ethereum reflects the bullish sentiment prevailing in the market. Despite a slight dip of 5.80% in its trading volume to $9.12 billion, Ethereum has touched its yearly high at $2,228.01.
The momentum extends to other cryptocurrencies as well. XRP’s price jumped 1.45% to $0.6289, with a significant 58% increase in trading volume to $1.11 billion. Meanwhile, Solana has advanced 12.22% to $62.0, with its trading volume rising to $1.30 billion.
In addition, Cardano has witnessed a surge of 2.26%, trading at $0.4064, while its trading volume saw a 14.53% increase to $336.56 million. Over the last month, Cardano has experienced a substantial growth of around 25%.
The meme coin segment is not lagging behind, with Dogecoin’s price soaring 2.38% to $0.0878 and its trading volume increasing by 18.8% to $608.02 million. Shiba Inu also gained 7.47% , reaching $0.00000903 with a remarkable 239.49% rise in trading volume to $423.31 million.
The collective gains across individual cryptocurrencies have driven a notable 4.51% uplift in the global crypto market capitalization, reaching a new valuation of $1.55 trillion. Additionally, there has been an 11.15% increase in the total crypto market volume, which now stands at $49.13 billion. The crypto market’s fear and greed index stands at 75, further indicating a bullish sentiment across the digital asset segment.
This bullish trend in the crypto market is supported by several positive developments, including the anticipated approval of the Bitcoin Spot ETF, the upcoming Bitcoin halving next year, and dovish remarks from Fed officials. These factors, combined with the current RSI heatmap, paint a promising picture for the crypto market as it moves into the end of the year.
