Crypto Market News: The cryptocurrency prices continue to soar as the bullish momentum in Bitcoin sustains. The biggest smart contract and DeFi asst, Ethereum (ETH) is also on its way to hitting $3,000 after more than two years amid a major network upgrade scheduled for next month.
The altcoin markets are also enjoying massive inflows, with AI coins taking the lead once again. Worldcoin (WLD) has been up 41% in the past 24 hours amid growing hype around the video-generating AI model Sora. Similarly, other AI-related crypto projects like Fetch.AI (FET) are also performing extremely well.
At press time, FET is up 11.6% since yesterday, and the outlook is looking very bullish. Among the top 100 coins, The Graph (GRT) and BEAM have also posted substantial gains over the weekend, paving the way for a very positive week.
The Total 3 market capitalization, a good indicator of the trend in the altcoin market, is up 0.82% on Monday, gaining $4.34 billion. On the same day, Bitcoin market dominance was down by 0.33%. This suggests that the traders expect altcoins to perform better than BTC in the near term.
The latest technical analysis of the BTC/USD chart on hourly timeframe shows a sideways price action within $51,335 to $52,526 range. However, the biggest takeaway from the recent price action is the weekly closure above the $52,134 resistance level. This has put a retest of the all-time highs of around $69,000 on the cards for the coming months.
While there can be a pullback till $46,500 in the coming weeks, the uptrend will likely stay intact until a weekly closure below this level.
ETH price is looking even more bullish than Bitcoin. After a clear breakout above the $2,738 level which is the middle of a previous trading range, the next resistance lies at the $3,282 level. This would be a 14% surge from the current level. However, the price would need first to overcome the key psychological resistance of $3,000.
If Bitcoin continues its ascent toward a new all-time high, Ethereum might be the first among the altcoins to follow. Currently, ETH/USD is 40.80% down from its 2021 all-time high of $4,877. The next few weeks will be very critical in this regard.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.