Cryptocurrency markets experienced a significant daily increase of 70 billion dollars, fueled by the impressive performances of Bitcoin (BTC) and Ethereum (ETH). Bitcoin, after spending the weekend below $39,000, saw a sharp rise on Monday, reaching as high as $41,750, marking its highest level in 19 months. Altcoins followed a similar trend; Ethereum surpassed $2,250, and some tokens associated with Terra recorded double-digit price increases.
This surge propelled the cryptocurrency market value to its highest level in over a year and a half, surpassing 1.55 trillion dollars. With Bitcoin nearing $42,000, altcoins, in general, displayed a green market. Ethereum, with an increase of over 4%, maintained its position at $2,260, marking its highest point in 19 months. Among other altcoins, Binance Coin, Ripple, Cardano, Tron, Avalanche, Polygon, and Polkadot also achieved similar gains. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) experienced increases of 6% and 11%, respectively. Bitcoin Cash, with an impressive 10% surge, was traded at $250.
Can Bitcoin Cash price reach $762?
Bitcoin Cash (BCH) witnessed a significant surge of approximately 10% in the last 24 hours, trading around $250 in the early hours of the London session. The altcoin experienced growth in January, supported by institutional investors. BCH stands out with its highly decentralized network and community, similar to Bitcoin, providing regulatory clarity.
The price of BCH has been consolidating within a descending triangle since the all-time high in December 2017. However, the robust support level around $89 for BCH indicates a favorable position for a rally beyond ATH. The BCH price target anticipates reaching $762 in the coming weeks, but waiting until the first half of 2024 might be necessary for a parabolic rally. Surpassing this target could lead BCH’s price back to its highest level in 2021, reaching $1,591.
BCH enjoys substantial institutional support, playing a crucial role in the mainstream adoption of digital assets. Leading institutional investors such as EDX Markets, GrayScale Investments, and PayPal have included BCH in their portfolios. Additionally, the altcoin receives support from a few exchanges and DeFi platforms with deep liquidity; BCH’s 24-hour average trading volume is approximately $406 million.
Is XRP preparing for a big rally?
According to crypto analyst AlanSantana, XRP has the potential for significant growth, reaching up to 120% in the next six months. The analyst explores two potential correction scenarios, suggesting an 85% increase if XRP corrects to $0.51 and an alternative scenario where a correction towards $0.43 could lead to a 120% gain for XRP. Santana believes in the long-term potential for XRP to reach around $5, emphasizing that despite Bitcoin’s decline, XRP still carries growth potential.
However, the potential growth of XRP is overshadowed by the impact of the SEC lawsuit and regulatory uncertainty. Expectations for a settlement between Ripple and the SEC increased after the closed meeting on November 30th. Nevertheless, the SEC case continues to influence XRP’s trajectory differently from other cryptocurrencies.
In the current market situation, XRP is trading at $0.63, and technical analysis indicators suggest strong buying signals, with moving averages indicating robust buying activity and oscillators signaling a neutral position. XRP is considered a noteworthy player in the crypto market, although the lingering effects of the SEC case and regulatory concerns still cast a shadow on its growth potential.
What does the Cardano transaction increase indicate?
Cardano (ADA) has demonstrated a significant surge in transactions over the past three months, surpassing the $100,000 threshold and consistently setting new records. Analysts attribute this increase to the growing interest of institutional investors and crypto whales in ADA. Currently trading around $0.41, ADA has recorded a 4% price increase in the last 24 hours.
The IOG report on Cardano’s development emphasizes substantial progress in the blockchain ecosystem. Updates aimed at enhancing network connectivity and efficiency are highlighted, particularly from the Site Reliability Engineering (SRE) team. Additionally, statistics indicate that Cardano has initiated 150 projects, has 1,304 ongoing projects, created 9.1 million native tokens, and processed 79.2 million transactions.
The surge in Cardano transactions could be associated with increased interest in crypto from major asset management firms and a rise in applications for spot Bitcoin ETFs. According to technical analysis, ADA has experienced an uptrend after consolidating for the past 25 days. However, on the weekly timeframe, there is a possibility of encountering resistance at the 200 Exponential Moving Average (EMA) at the $0.43 level.
The vibrancy and value appreciation in the crypto markets, notably driven by the impressive performance of Bitcoin and Ethereum, have garnered attention. Bitcoin, after hitting a weekend low, swiftly rose to $41,750 on Monday, reaching its highest level in 19 months. Altcoins are following a similar trend, pushing the total market capitalization beyond $1.55 trillion. Notably, the potential growth of Bitcoin Cash (BCH) and XRP stands out in this surge. Simultaneously, Cardano (ADA) continues its upward trajectory, propelled by recent institutional interest. The positive movements across the cryptocurrency spectrum underscore market optimism and growth potential.
