Crypto market cap crosses $1 trillion as altcoins surge


The total crypto market cap has crossed the $1 trillion mark. Options such as ETH, DOGE and TON have supported the contribution of BTC to the market cap.

According to CoinGecko, the global cryptocurrency market capitalization has crossed the $1 trillion mark. The top gainers on CoinGecko are Kompete, PointPay and Illuvium. However, large-cap and mid-cap rallies contribute the most to the total market cap.

crypto market cap TOTAL
Source: CoinGecko

bitcoin btc price analysis

On the daily time frame, bitcoin has broken out of a double bottom pattern. As the price is well above the $20,367 neckline, it is highly likely to give a daily close above it today.

However, the price is struggling with immediate resistance at the 100-day simple moving average (SMA) at $20,908, the 20-week SMA at $21,046, and the 100-day exponential moving average (EMA) at $21,227. These resistances could slow bitcoin’s rally.

However, a daily close above all these resistances could easily send the price towards the $23,000 level.

btc price
Source: TradingView

Total Crypto Market Cap Price Analysis

The total crypto market cap on TradingView calculates just the top 125 coins in total. Hence there is a difference in market cap as reported by CoinGecko which considers over 13,260 coins.

The total crypto market cap had a breakout similar to that of bitcoin. It broke below the neckline of the double bottom with support for volume at 940.122bn. Although the price is trading on the 20-week SMA, it is struggling with resistance from the 100-days SMA and 100-days EMA.

If there is a close above these resistance levels, the price could move towards the $1 trillion area.

crypto total market cap
Source: TradingView

A $1 trillion market cap is a big milestone for crypto. community is Happy Because the crypto market is showing an uptrend for the first time in weeks.

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For the latest from BeInCrypto Bitcoin (BTC) analysis, click here

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