• Bitcoin has been breaking through multiple crucial resistances since the start of the year, now trading at $23,008.
• The current market cap of the entire cryptocurrency market is at $1.05 trillion, according to CoinMarketCap.
• Twitter has been very bullish since the coin broke through its latest line of resistance, with analysts targeting $100,000 in the long-term.
The cryptocurrency market is on fire as Bitcoin, the king of cryptocurrencies, has been breaking through multiple crucial resistances since the start of the year. According to CoinGecko, the coin is now up 14% in the weekly timeframe, and trading at a stunning $23,008. This price movement has led to the breaking of the $22,000 and $23,000 resistance levels that have been limiting the crypto’s ascent, and validating the entry of this year’s bull market.
The entire crypto market is experiencing a resurgence in almost all aspects, reflecting in its market cap which is now at $1.05 trillion, according to CoinMarketCap. This resurgence has been driven by a complete U-turn in investor sentiment on cryptocurrencies as both Ethereum and Bitcoin have seen massive gains, along with other top altcoins.
The break of the $23k wall has been met with great enthusiasm on social media, with Twitter being very bullish. Analysts say that this surge in the coin’s price will lead to even greater gains, with some even targeting $100,000, or more, in the long term. This recent price movement has also led to massive liquidations of short positions on Bitcoin.
The surge in Bitcoin’s price may be driven by the NASDAQ index that jumped almost 3% as tech stocks led the market rally. Bitcoin is heavily connected to the Nasdaq, with many institutional investors and hedge funds investing in the digital asset. As the crypto market continues to grow, more and more investors are showing interest in the asset class, pushing its prices to new highs.
It is expected that the cryptocurrency market will continue to grow in the coming months, as Bitcoin continues to break through important resistances. With the crypto market now valued at over $1 trillion, it is expected that more investors will flock to the asset class, driving its prices even higher.