The crypto market aims to regain $1 trillion in capitalization after 6 weeks in the shadow
There was a resurgence in the cryptocurrency market on October 26 as Bitcoin’s (BTC) price climbed above $20,000 for the first time in weeks, and Ethereum’s (ETH) price rose above $1,500 for the first time since the post-merger crash; meanwhile, the market as a whole looks set to surpass $1 trillion.
Specifically, the value of the cryptocurrency market increased by $66 billion in the last twenty-four hours, rising from $928 billion on October 25 to $994 billion.
In fact, the market capitalization is just $6 billion away from surpassing $1 trillion, which is the closest it has come to recapturing the level in nearly six weeks, with the market cap having last crossed the psychological threshold of $1 trillion on September 14.
Bitcoin reaches its highest level since mid-September
Bitcoin hit its highest levels since mid-September as the most prominent digital currency nears the critical $21,000 barrier, trading at $20,649. What started as a siege of the $20,000 level then continued throughout the day, with liquidations climbing further after sealing the biggest shorts wipeout of the year.
Interestingly, Bitcoin alone was responsible for liquidating $550 million in the previous 24 hours as the focus turned to Bitcoin bulls amid a prolonged price bottom.
In particular, Finbold reported that prominent crypto trading expert, Michaël van de Poppe, identified the $19,500-$19,600 mark as “decisive resistance” and that if Bitcoin can consolidate support at this level, it could trigger a possible short squeeze.
Elsewhere, the price of Ethereum has risen above $1,500 and is now trading with a gain of 14% in the last 24 hours. Ethereum has reached the $1,500 milestone for the first time since September 15, when the price of ETH dropped significantly following the network’s successful Merge upgrade.
Other notable cryptocurrencies have seen significant price gains, with Dogecoin (DOGE) gaining 10.96% in the last 24 hours, changing hands at $0.0662. Another (DeFi) token, Cardano (ADA), has also recorded double-digit gains in the past day amid easing market sentiments, gaining 12.92% on the day to trade at $0.4063.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
