Since Wednesday, the entire crypto market has started some sort of strong recovery with Bitcoin and other altcoins all painting green. For the first time since Friday, the entire crypto market cap crossed above the $1.7 trillion mark.
Bitcoin over the past three days has been trading around $37,000 but has finally moved from that spot to test $40,000 resistance. It moved to a six-day high price at $39,000. Altcoins quickly followed their leader, with ETH charging above $2,800 and BNB surging past $400.
Bitcoin charges towards $40,000
Bitcoin stood quiet around $36,000 and $37,500 for days after the weekend dump when the asset fell below $33,500.
However, it moved out of the spot conveniently on Thursday, breaking above $37,000. Bulls also kept increasing their efforts and pushed BTC to around $39,000. This became the cryptocurrency’s highest price tag since May 28th.
According to technical indicators, BTC would face its next resistance at $40,000, followed by $40,765 and $41,200. Alternatively, the support levels at $38,000, $35,100, and $34,760 could help it bounce back.
BNB, Doge, ADA charging high for the alts
The entire altcoin market also had its fair share of the weekend dump and now the following suit with Bitcoin as it begins reeling out of that loss.
After dipping below $2,100 on Sunday, Ethereum has added more than $700 of value since then. As a result, the second-largest cryptocurrency currently stands above $2,800.
Binance coin also took a hard hit during the weekend, plunging below $300 and now recording an impressive recovery. It trades well above $400 now.
Dogecoin is another notable performer since yesterday following a listing on Coinbase Pro. DOGE is up by 10% on a 24-hour scale alone to north of $0.4.
Polkadot has surged the most from the top ten, following a 15% increase. Consequently, DOT is close to $30. Ripple, Cardano, Uniswap, Chainlink, Bitcoin Cash, ICP, and Litecoin are also in the green from the larger-cap alts.
Even more, gains come from OKB (27%), Fantom (24%), Kusama (20%), Curve Dao Token (20%), Cosmos (18%), Solana (16%), IOTA (16%), Algorand (15%), Waves (13%), NEO (12%), and Avalanche (12%).
The cumulative market capitalization of all crypto assets has added $300 billion since Sunday and is now at $1.8 trillion.