The cryptocurrency market has witnessed a significant upswing, characterized by major breakthroughs in total market capitalization and individual cryptocurrencies like Bitcoin and Internet Computer (ICP). This recent market movement is marked by several notable developments:
Total Market Cap Breakout: The total cryptocurrency market cap (TOTALCAP) has successfully breached long-standing resistance levels. After a period of struggle, TOTALCAP surpassed the $1.65 trillion mark, a key resistance area aligning with the 0.382 Fibonacci retracement level. This breakthrough signals a robust uptrend, potentially heading towards the $1.87 trillion resistance, about 10% above the current level. Beyond this, a further resistance confluence awaits at $2.14 trillion, marking a 26% increase from the present value.
Bitcoin's Price Escalation: Bitcoin, the flagship cryptocurrency, has mirrored the market's upward trend. Since October, BTC has been on a steep incline, notably breaking past the $45,000 barrier, a level not seen since April 2022. This surge is significant, as it represents a breach above the 0.5 Fibonacci retracement resistance at $42,300. Future projections suggest that if this bullish momentum sustains, Bitcoin could eye resistance levels between $48,600 and $50,500, denoting a potential 13% increase.
ICP's Bullish Momentum: Internet Computer (ICP) has also displayed a remarkable performance. Accelerating since December 2023, ICP broke out from the $9.20 resistance, and recently peaked at $16.30. The crypto asset could amplify its value by 50%, targeting the next resistance level at $23.40, if the upward trend persists.
In addition to these market dynamics, personal investment decisions by prominent figures like Jack Mallers, CEO of Strike, who shifted his entire portfolio to Bitcoin, and Michael Saylor's plan to sell a substantial portion of MicroStrategy shares, have also influenced the market sentiment
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.