Crypto Bull-Run: Did The Market Cap Hit The $3 Trillion Figure?
As the cryptocurrency market is enjoying a profitable day due to the bull-run seen across most majors, especially in Bitcoin (BTC), its total market capitalization seemed to have tested the $3 trillion threshold.
At least that’s what Coingecko noted on Monday, representing an all-time high for the entire crypto sphere, while at the same time, Ether (ETH) refreshes its ATH above $4,700.
However, there are contradictory reports among specialized sites on crypto data, as CoinMarketCap says that the market cap is hovering below the $2.9 trillion figure. TradingView notes it on its charts, despite all these websites covering the same amount of cryptos within its basket to gauge the metric.
All in all, the crypto market’s dominance remains solid across the board, and the greed sentiment is on fire, according to the latest reading from the “Fear & Greed Index.”
Still, “Social Index” from alternative.me points downwards, adding fuel to the bearish perspective in the cryptocurrency market from a short-term perspective, as pullbacks are expected amid the ongoing overextended momentum.
Bitcoin On Its Way To Reach $68,000
In terms of price action, as reported a few hours ago, Bitcoin stays consolidated above the critical handle of $64,000 after successfully breaking it and unleashing a wave of buyers.
The crypto is pushing higher and looking towards testing the all-time highs in an effort to look at the $68,000 handle. The 200-period simple moving average remains to guide the path for the bulls in the short and mid-term, according to the H4 chart.
Ether Could Enter In A Corrective Phase Around $5K
Also, ETH is picking up steam and looking to crack above $4,700, suggesting a strongly bullish mood that looks at the $5,000 level, giving enough room for the second’s largest crypto by market cap to rise further. However, the RSI indicator is extremely overbought, implying that pullbacks are expected once it reaches the $5,000 milestone.
Although there are mixed figures across the specialized sites in crypto data, the fact is that cryptocurrencies are shifting towards the same mood as it was in the same period last year, when the coronavirus pandemic was a hot topic because of its second wave in several countries.