The cryptocurrency industry is in chaos as the price of Bitcoin soars. In a different way, TOTALCAP created waves this week as well. Together, let's examine the specifics to comprehend the factors influencing the market this week.
The leading cryptocurrency frequently acts as a gauge for the industry. And this week has witnessed a notable increase in the barometer, partly because of Bitcoin ETFs.
As the price of bitcoin approached a new yearly high, it broke through the resistance level of the 0.618 Fib retracement and appeared to be heading towards a closing above this crucial barrier.
There is still one thing to keep an eye on, though: a bearish trend is highlighted by the weekly RSI. This indication, which often indicates a shift in trend, may indicate that a correction will likely follow the present price.
In the event that Bitcoin is able to hold above the $48,850 resistance level, we might witness a 20% gain to $60,000 in value.
In contrast, a rejection at this point might result in a 20% decline in price, returning the price to about $41,000.
The term "TOTALCAP" refers to the entire market capitalization of cryptocurrencies and provides us with an international overview of the industry's financial situation.
TOTALCAP saw a notable increase last week, surpassing the crucial resistance level of $1.61 trillion to hit a new all-time high of $1.84 trillion.
This trend indicates that investors are becoming more confident. However, there's a caution along with it: a bearish divergence on the weekly RSI.
Given the current circumstances, it's possible that the cryptocurrency market may decline by 12% and hit $1.61 trillion, signalling a potential shift in the near future.
However, if things keep going in this direction, we may aim much higher—up to $1.88 trillion. And if all went according to plan, we might even hit $2.10 trillion, a lovely 16% rise.
In the meantime, Bitcoin Minetrix stands out as a fresh initiative that provides a special new staking mechanism for Bitcoin rewards. With Bitcoin Minetrix, investors may earn "mining credits" by staking their tokens passively.
After that, these credits can be swapped for cloud computer power to mine Bitcoin. With this method, you may begin mining without needing to shell out a tonne of cash for gear.
As of the time this article was written, the initiative has raised over $10.5 million thanks to its unique strategy. They anticipate even making $11 million.
Additionally, owners of BTCMTX tokens can stake their investments for a 64% yearly return. With its potential for varied revenue generation and robust community backing, Bitcoin Minetrix is fast becoming a flagship project.
The bull run is gonna shock many enthusiasts.
More than ever, I’m so enthusiastic about the cryptocurrency space and participating as well.
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