The recent bull run in the cryptocurrency market dragged the general cryptocurrency market capitalization past the $1 trillion marks for the first time ever.
The historical market cap has been driven by Bitcoin and some altcoins like Ethereum, which have been terrific over the last 12 months. It is kind of boring doing the same thing time and again, but typing the word ALL-TIME HIGH has never failed to exhilarate.
During the 2017 cryptocurrency market boom, the total cryptocurrency market capitalization was only a little above $760 billion. With the current pace, how high can the crypto market go?
It is not just Bitcoin and Ethereum that have driven the cryptocurrency market cap; the latest rally by Cardano saw its total market cap hit $10 billion for the very first time. Ethereum broke past the $1,200 mark for the very first time in three years. The second most popular cryptocurrency has some way to go before hitting its all-time high but still managed to surpass $100 billion in total market cap for the first time. Additionally, Stellar Lumens XLM has gained nearly 180% over the last one week.
Notably, SEC stifled XRP also continues to surge despite the legal battles in the United States. However, the question remains if the XRP community is strong enough to withstand the Security and Exchanges Commission might?
According to data shared by Santiment, the cryptocurrency market bull run over the last 24 hours was driven by the high purchasing confidence among the cryptocurrency community. After a period of uncertainty earlier this week, the bulls have regained confidence they have come back powerfully. After plunging by almost 13 percent during the weekend, Bitcoin has come back strongly to set a new all-time high at $38,510 at the time of writing to hit a total market cap of $700 billion.
Bitcoin price hits new all-time high – 39,000$
The price of Bitcoin rallied to a new all-time high on January 7, rising within a stone’s throw away from $40,000. Data from TradingView and Coin360 indicate that Bitcoin Price received a boost after protestors attacked the Capitol in Washington DC. After indicating signs of progressive strength the previous day, the price of Bitcoin exploded to peak a new high of $38,510 at the time of writing.
Looking forward to the short term price movements of Bitcoin, the first sell-off point past the $38,000 price level lies at $39,400. The next resistance can be found at the psychological level of $40,000, followed by $41,850. If the king crypto manages to go beyond this zone, more selling pressure will be felt at $43,445 and $45,350.
On the other hand, if Bitcoin undergoes a correction, the first line of support can be found at $37,150. The next anchor zones can be found at y $36,250, $35,000, $34,000, and $33,260. At the time of writing, the market cap dominance of Bitcoin stands at 69.38 percent.