The Crypto Market Cap Broke a Record When BTC Launched an Uptrend
On Jan 07, 2021
Bitcoin (BTC) has started another uptrend recently. The price of crypto consecutively broke the $ 36,000 and then the $ 37,000 levels. Meanwhile, the total cryptocurrency market value has exceeded $ 1 trillion for the first time in history.
In the early hours of January 7, BTC climbed to an all-time high of $ 37,400. As traders wonder what the next level will be, Bitcoin is rising fast and steadily. Currently, the leading cryptocurrency is trading around $ 37,269, according to CoinMarketCap data.
Bitcoin Price Is Now Targeting These Levels
It was observed that the uncertainty of the situation in the USA led to a price increase in Bitcoin. BTC price fell by $ 1500 in the first place, during major unrest in the US. After this small setback, the price rose above the $ 34,000 level. It then started another strong rise and broke many hurdles near the $ 35,500 and $ 36,500 resistance levels. It even broke above the $ 37,000 level and settled well above the 100 hourly simple moving average. Analyst Aayush Jindal stated that if the current trend remains intact, the BTC / USD pair is likely to rise to $ 38,500 and $ 39,800.
In the analyst’s opinion, if Bitcoin fails to clear the $ 37,250 and $ 37,400 levels, it could initiate a short-term downside correction. Initial support on the downside is near the $ 36,650 and $ 36,500 levels.
Meanwhile, the Total Cryptocurrency Market Value Exceeds $ 1 Trillion
The crypto money market set a new record in the first hours of the day. It rose to an all-time high of $ 1 trillion in total value.
The rise of the leading cryptocurrency Bitcoin, the rise of the leading altcoin Ethereum, and the rise in leading altcoins brought the total market value of the cryptocurrency market to a record high. With Bitcoin’s new ATH with $ 37,000 and Ethereum reaching $ 1200, significant increases in leading altcoins such as Stellar, Cardano, and Elrond brought the total market value to an unprecedented level.
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