The global market for digital currencies is currently experiencing a strong uptrend, driven by major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The total market capitalization of all cryptocurrencies has reached $2.7 trillion, reflecting a nearly 10% increase in the past day. Trading volume has also surged, surpassing $221 billion in the last 24 hours.
Bitcoin (BTC) continues to show a strong upward movement, with a 13.8% increase in price over the week. In the last 24 hours alone, BTC has risen by 1.6%, reaching $69,871. This slight pullback from its high of $71,650 indicates a potential demand zone, setting the stage for a further rally.
Ethereum (ETH) closely follows Bitcoin’s performance, with a remarkable 20% increase in the last 24 hours and a week-long rise of 29.4%. This surge in ETH’s price is attributed to the possibility of SEC approval for Ethereum spot ETFs, increasing from 25% to 75%. The current price of ETH is $3,730, with a potential retracement to $3,644 to test a significant demand zone.
Optimism (OP) ranks 46th in terms of market cap, with a valuation just above $3 billion. OP has seen a 6.9% increase in the past 24 hours and a 16% rise over the week, trading at $2.8. However, the 2-hour chart indicates a potential bearish turn, with a significant retracement expected.
Arbitrum (ARB) has also experienced bullish momentum, with a 13.7% increase in the last 24 hours and a 24% rise over the week, now trading above $1.17. The price chart suggests a potential retracement to as low as $0.93 before any further bullish continuation.
Dogecoin (DOGE) has seen a 4.7% increase in the past 24 hours and a 14.7% rise over the week, currently trading above $0.16. The price chart indicates a possible reversal, with signs of short-term pullbacks before continuing its upward trend.
Overall, the cryptocurrency market is showing positive momentum, with Bitcoin and Ethereum leading the way. Optimism and Arbitrum are also partaking in the bullish sentiment, while Dogecoin faces resistance that may lead to short-term corrections. Investors should carefully monitor these trends for potential entry points.