From a market cap of more than $3 trillion to less than $1 trillion, the crypto market has fallen drastically over the past 9 months. Not to mention the fact that altcoins have bled far more than Bitcoin. However, things look a little better now as the crypto market cap reaches $1 trillion again after a rally of BTC and ETH. Bitcoin touched $23k before tracing back, and ETH rallied to $1,624.
In the last 1 week, the price of Ethereum has risen by more than 50%. It is currently trading above $1,500, which is much better than the $1000 level it was stuck at. The rally of Ethereum happens as the merge is nearing, and the coin will be shifting to the proof of stake consensus. We must note that this hype could be the only reason for the rally. Even now, the macroeconomic conditions of the market are not great.
If you look at the charts, Ethereum especially looks very good. It has broken above the important EMA 20, EMA 50, and MA 50 levels, and the price could move further up here quite easily. If Bitcoin doesn’t hamper ETH’s rally, we could even see it move near the $2,000 range quite fast.
Bitcoin moves up but gets stuck
Bitcoin has also seen an increase in price recently. It is currently trading near $22k. In the same timeframe as Ethereum, Bitcoin has risen by 15%, which is not a lot. More importantly, it still has some major levels to break through if the price rise needs to continue. The EMA 50 and MA50 on the daily charts are pushing back the price. The price got rejected near $23k, and it has fallen by 2.5% from that level.
Fear and Greed index
After the rally in Bitcoin and Ethereum’s price, the fear and greed index has jumped to 30. Yesterday, it was at 20, which signifies extreme fear, while the current score is only fear. It shows the market sentiment is a little better here, contrary to which the score last week was 16 and last month was 6. It is all good until we reach greed or extreme greed when the markets often correct again.
What are your thoughts as the crypto market cap reaches $1 trillion? And do you think that Bitcoin or Ethereum will continue to rally? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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