Crypto Market Cap Surges 3.41% to $2.376 Trillion as Ethereum ETF Listing Sparks Bull Run
In a surprising turn of events, the crypto market experienced a massive bullish uprising on June 19th, causing the market cap to jump by 3.41% to reach an impressive $2.376 trillion. This sudden surge in the market came on the heels of the official announcement of the Ethereum ETF listing set to take place in the coming week.
The bullish momentum not only improved the overall market sentiment but also propelled Bitcoin and the top altcoins to pick up pace. Bitcoin, in particular, outperformed Ethereum as major altcoins geared up to end the week on a high note. The question on everyone’s mind now is whether this upsurge will lead to a breakout rally for Bitcoin to hit $84,000 or for Ethereum to reach $5,000. Additionally, investors are eager to see if the top altcoins will be able to reclaim their all-time highs.
The biggest crypto player, Bitcoin, saw a significant jump of 4.29% last night, trading at $66,516 after briefly surpassing the $67,000 level. With a market cap of $1.313 trillion, Bitcoin has surged by 20% after hitting a low of $56,000. The uptrend broke above the short-term resistance trendline, the 50-day EMA, and the 50% Fibonacci retracement level at $64,766, indicating a strong bullish momentum.
On the other hand, Ethereum resurfaced above $3,500 with a 7.92% jump this week following a 10.77% rise last week. The ETH price action suggests a double-bottom reversal in the 1-week chart, with the potential to surpass $3,859 or the 78.60% Fibonacci level. With the Ethereum ETF listing on the horizon, the price could even reach $5,402 according to trend-based Fibonacci levels.
Solana, another top player in the crypto market, saw a revival as the broader market recovered, with the SOL price hitting the $170 mark and registering a 15% increase this week. The bullish crossover in the MACD and signal lines indicates a potential surge beyond the $200 psychological mark, with Fibonacci levels pointing towards a target close to the $400 milestone for a new all-time high.
Lastly, the underrated crypto XRP made a comeback with a trend reversal that surpassed the overhead trendline and the 23.60% Fibonacci level. With a 15% jump this week and 24% last week, XRP is on track to reclaim the $1 psychological level. A bullish crossover in the MACD and signal lines suggests a breakout rally that could push the crypto price to the $1.56 mark.
Overall, the crypto market is experiencing a period of excitement and anticipation as investors eagerly await to see how these top players will perform in the coming weeks. Will Bitcoin reach $84,000? Will Ethereum hit $5,000? Only time will tell.
