Crypto Market Rallies to $3 Trillion!
Market sentiment is incredibly bullish today.
Bitcoin (BTC, Tech/Adoption Grade “A-”) has broken above its previous trading range and is on its way to challenge its record price of $67,276. Positive sentiment is bolstered by its upcoming Taproot upgrade, scheduled to go live in six days.
All this has resulted in the crypto market surpassing $3 trillion in valuation today!
The crucial resistance levels for BTC are now $67,000 and $70,000. We expect some volatility just beyond these levels, as new all-time highs can represent profit opportunities too good for some investors to pass up.
That said, Bitcoin’s momentum is just as likely to entice more institutional investors to jump in and push the price even higher.
The BTC/USDT daily TradingView chart below shows Bitcoin is getting ready to test its all-time high now.
The No. 2 crypto by market cap hasn’t been resting on its laurels in the face of Bitcoin’s big moves.
Ethereum (ETH, Tech/Adoption Grade “A”) has pushed to yet another new all-time high above $4,800. And this TradingView daily chart shows why we believe ETH’s climb isn’t done:
ETH has been trading in the ascending channel since Oct. 1, as shown in the chart. Breakouts from ascending channels can occur in any direction, downside or upside.
If ETH price breaks out above the upper trendline and retests it successfully, it’ll act as a “Buy” signal for many traders, making ETH very, very bullish.
Notable News, Notes and Tweets
• The House of Representatives has sent the Infrastructure Bill, with a controversial crypto tax provision, to President Biden to sign into law.
• Coinbase Global’s (Nasdaq: COIN) crypto wallet is now available as a standalone browser extension.
• There is an ongoing non-fungible token (NFT) community drop offering iconic props curated by Quentin Tarantino.
Both BTC and ETH are seeing some profit taking after hitting significant milestones, but that’s short-term volatility. Prices for both are expected to continue to rise.
That’s because both are undervalued when it comes to transaction value settlement and usage. I expect their prices will rise soon to catch up to the fundamentals.
I hope you’re already enjoying the fruits of this bull market! But the best is still yet to come.
This bull run is just getting started, so keep checking in with our Weiss Crypto Daily issues to get the latest updates on the crypto market.