Crypto Market Cap Nears ATH as Bitcoin Tops $58K (Market Watch)

  


Bitcoin has added $3,000 of value in the past 24 hours, following positive news coming from the giant financial services company, Visa. Furthermore, Ethereum, which was at the core of that announcement, has gained even more by surging with over $100 in a day.

Meanwhile, the cryptocurrency market cap is looking to paint a fresh all-time high as well.

BTC Overcomes $58K

As CryptoPotato reported yesterday, bitcoin had calmed following a few days of minor gains. The first-ever cryptocurrency traded around $55,000 following a few unsuccessful attempts to breakout.

However, the situation changed as the US multinational financial service corporation, Visa, said that it will enable payment settlements using USDC on top of Ethereum.

The primary cryptocurrency reacted with a sudden price increase that saw its price expand by more than $3,000 in a matter of hours. Consequently, this led to an intraday high of about $58,300 (on Bitstamp).

Although BTC has retraced with a few hundred dollars since then, it’s still roughly 5% up on a 24-hour scale.

According to the technical indicators, bitcoin’s first resistance line is situated at $58,350, followed by $60,000, $60,800, and the all-time high of $61,780. Alternatively, the support levels that could assist in case the price slumps again are $57,500, $56,500, and $55,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Green; ETH Above $1.8K

Somewhat expectedly, Visa’s announcement yesterday impacted Ethereum the most, keeping in mind that the settlements will use its blockchain. As a result, ETH has surged by roughly 7% in a day and currently stands above $1,800. This comes 24 hours after the second-largest cryptocurrency struggled beneath $1,700.

Most of the larger-cap altcoins are also in the green. These include Binance Coin (BNB – 2%), Cardano (ADA – 1%), Polkadot (DOT – 4%), Ripple (XRP – 4%), and Uniswap (UNI – 1.5%). In contrast, Litecoin (-1.5%) and THETA (-2.5%) are slightly in the red.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The most impressive gainer since yesterday is Holo, with a 66% surge. Moreover, HOT is 140% up in the past seven days and currently trades at $0.017.

Dent (32%), Celo (20%), OKB (18%), Huobi Token (17%), ICON (17%), Solana (15%), Compound (14%), OMG Network (14%), Yearn.Finance (11%), and Algorand (10%) follow.

Ultimately, the cumulative market capitalization of all cryptocurrency assets has increased by about $100 billion in a day to $1.830 trillion.

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Cryptocurrency charts by TradingView.



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