Bitcoin Consolidates Around $52k, Ethereum (ETH) Surges Above $2,800, Stacks (STX), SEI and Dymension (DYM) Lead In Altcoins
Bitcoin (BTC) is strengthening its hold above the $50,000 mark as the cryptocurrency markets witness unprecedented institutional interest. Ethereum and other crypto prices are following the bullish trend, with many altcoins outperforming BTC this week. This suggests that the investors are willing to take more risk, expecting a bullish continuation.
Considering the price action and trading volume in the last 24 hours, Stacks (STX), Dymension (DYM) and SEI Network (SEI) are leading the pack of altcoins with notable surges. The uptrend in altcoins is also evident by another 0.28% increase in the Total 3 market capitalization, which indicates the strength of the overall altcoin market.
With the recent surge above $52,000, Bitcoin’s market capitalization has exceeded $1 trillion for the first time since 2021. This has garnered a lot of attention from the mainstream media and major institutional investors. The upcoming halving is another reason behind the ongoing price speculation.
ETH Price Corrects After Hitting $2,825
Ethereum has been performing very well since the start of this month. During this time, the pioneering smart contract digital asset is up 21.5% and the outlook looks even more bullish. However, the short-term timeframes show bearish divergences on RSI and MFI indicators, which may cause a slight pullback before a potential retest of $3,000.
Since flipping 2,150 resistance into support, ETH/USD has turned very bullish. The most likely scenario seems to be a retest of the 0.618 fib retracement level around $3,345. Multiple resistance levels within the $3,200-3,500 might be hard to overcome.
Stacks (STX) Soars 43% This Week
The positive Bitcoin price action is fuelling the rally in the whole Bitcoin ecosystem. Stacks is a layer 2 that enables smart contracts to leverage BTC’s security. STX is the native asset of this Stacks blockchain, which has soared 43% since the start of this week. If the uptrend remains intact, the next stop could be an all-time high around $3.25.
SEI Network Breaks $0.88 Resistance
After facing multiple rejections from the $0.88 level since the start of this year, the SEI price has finally broken above this level. The price peaked at $0.933 on Thursday morning but stood at $0.898 at press time after a slight correction.
If SEI/USD flips $0.88 into support, I expect a move toward the 1.618 fib retracement level of $1.08. The invalidation of this outlook will be a breakdown below $0.88.
