The latest crypto market cap analysis mirrors a bullish crypto market outlook, with Bitcoin’s recovery and the parallel altcoins rally highlighting its future predictions.
Analysts have painted a bright crypto market outlook in the last few days after Bitcoin recovered from its sudden price cut. The current crypto market cap analysis reports from leading research firms of the last 24 hours also affirm the optimistic predictions. Meanwhile, BTC has witnessed a tight price war between bulls and bears at the $44,000 trading level. It may have to hold its trading range above the mark over the weekend to maintain its momentum.
An interesting trend over the internet, ‘buy the dip,’ has become popular over the last few months. The analogy of buying an asset after a dip may have also spilled over to the crypto market. Every time BTC encountered selling pressures, bulls have rushed to hold its support levels in the last few months. As a result, Bitcoin’s trading levels have surged.
The US debt interest bill has crossed $1 trillion recently, fueling interest in assets like crypto. The move could continue well into 2024 and keep crypto prices higher than 2023. On the other hand, altcoins like Solana, ETH, and XRP also saw upward prices in the last 24 hours, pulling up the overall crypto market cap.
BTC/USD 1D price chart
Bitcoin is currently trading at around $44,100 on January 5, 2024, with BTC/USD trading higher by a margin of 2.6% in the last 24 hours. Bitcoin’s market cap was trading at around $865 billion.
BTC/USD is trading higher than its 20-day EMA (43,016.02), as BTC’s 24-hour volume was at around $35 billion. The crypto market cap increased by around 1.55%, trading above $1.67 trillion. BTC’s year-to-date returns are above 5.25%.
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