Top Crypto News Today-Altcoin Market Closer to a Breakout, Will BTC Rally be Sluggish?
The post Top Crypto News Today-Altcoin Market Closer to a Breakout, Will BTC Rally be Sluggish? appeared first on Coinpedia Fintech News
Bitcoin bulls appear to have become extremely passive as they are unable to mount the buying pressure required to rise & sustain above $24,000. Meanwhile, the top altcoin Ethereum has been displaying immense strength by trading close to the crucial resistance at $1650.
The market cap of the second-largest crypto has surged beyond $200 billion despite the global market capitalization witnessing a minor pullback of nearly 1.19% in the past 24 hours.
As the BTC prices appear to have stuck within narrow ranges, the market capitalization of the altcoins is approaching crucial levels. The possibilities of a bullish breakout are constantly flashing that may begin a fresh bullish wave of several altcoins in the short term.
The altcoin market cap maintained a descending trend for the past 6 months and faced constant rejection from the trend line. Presently, the levels are again testing the crucial resistance, displaying a higher probability of a breakout.
Previously, the levels faced rejection as the resistance collided with the crucial 200-day MA, but presently, the market cap has surged beyond these levels and hence points towards a bullish breakout in the coming days.
Therefore, once the daily close is recorded above the trend line, then a significant upswing may kick in. This may ignite another 7% to 17% growth in the total altcoin market cap securing the levels above $700 billion. If the rally materializes, then the global market capitalization excluding Bitcoin may hit $1 trillion, validating the peak of the Altseason 2023.