146

Bitcoin shoots past $40,000, crypto market cap inches toward $1.7 trillion

Bitcoin shoots past $40,000, crypto market cap inches toward $1.7 trillion
Jordan
Major
11 months ago
4 mins read

The price of Bitcoin has surged back beyond $40,000, while the price of Ethereum has gained 18% in a week, bringing the whole crypto market to about $1.7 trillion, up from recent lows of $1.2 trillion in July.

To be precise, the world’s flagship currency is currently trading at $40,910, up over 5% in the last 24 hours and 2.60% in the last week. Moreover, the overall market dominance of Bitcoin is now 46.02%, up 0.64% from the previous day, according to CoinMarketcap.com data.

Bitcoin gained momentum over the resistance levels of $38,500 and $39,500, and the price is currently above the 100-hour simple moving average.

Bitcoin seven-day price chart. Source: CoinMarketCap.com

An early resistance level for Bitcoin is at $40,500, with the first significant barrier located at the $40,750 level, and a bearish trend line connects it. In particular, the next considerable barrier is located at the $41,500 level, and any more increases may pave the way for a near-term move towards the $42,500 resistance zone.

However, if Bitcoin fails to break through the $40,750 and $41,500 resistance levels, it may begin a new downward trend, with the first significant support level at the $39,500 zone.

Michaël van de Poppe, a technical analyst, believes “Bitcoin still has to break some serious levels above us to be bullish for now.”

Entire market cap

The global crypto market value is now $1.67 trillion, up 3.77% from the previous day. Additionally, over the last 24 hours, the entire crypto market volume has increased by 26.30% to $102.58B. Volume as the whole in DeFi is presently $13.00B, accounting for 12.67% of the total 24-hour volume in the crypto market.

Global crypto market seven-day price chart. Source: CoinMarketCap.com

Ethereum, the technology that powers the ether cryptocurrency, has recently launched its “London” hard fork. The digital ledger update – and the world’s second-largest cryptocurrency – alters how transaction fees are calculated.

Every portion of the transaction fee is subsequently burnt or withdrawn from circulation, decreasing the quantity of ether and potentially increasing its price. Presently, Ethereum is changing hands at $2,771, up 3.28% on the day and 15.91% in the last week.

While the top ten performers see THETA (THETA) up 14.35% and Ravencoin (RVN) up 11.12%, respectively, in the last 24 hours, the popular decentralized trading protocol Uniswap (UNI) is up 22.47% in the week but also makes it into the top 10 biggest gainers.

Top Ten performers. Source: CoinMarketCap.com

Furthermore, SushiSwap (SUSHI), the automated market maker (AMM), is becoming increasingly popular among cryptocurrency users; the decentralized asset utilizes smart contracts to create markets for any given pair of tokens; it is currently up 7.11% in the last 24 hours.

Banks, institutions, and asset managers

JPMorgan CEO Jamie Dimon has been an ardent critic on Wall Street of Bitcoin and other digital currencies; however, JPMorgan Chase has begun providing its wealth management clients with access to six cryptocurrency funds in the last month.

On Thursday, financial advisers were granted permission to begin placing private bank clients into a new Bitcoin fund developed in collaboration with crypto company NYDIG. Recently, Mary Callahan Erdoes, J.P. Morgan’s head of wealth management, has stated that clients are increasingly considering Bitcoin as an asset class to invest in.

JPMorgan, the largest bank in the United States by assets, has made it plain that the Wall Street bank’s years-long aversion to dealing with cryptocurrencies is over, following competitors Morgan Stanley and Goldman Sachs’ earlier moves to provide Bitcoin products to clients.

Meanwhile, bullish momentum continues on the institutional side; Invesco Ltd. (NYSE: IVZ), an American asset manager, has filed with the Securities and Exchange Commission for a new exchange-traded fund called the “Invesco Bitcoin Strategy ETF.”

The filing stated:

“While the Fund generally seeks to have full exposure to bitcoin futures, the Fund may at times invest in Bitcoin-Related Assets, which include ETPs…and open-ended private investment trusts that are linked to bitcoin, such as the Grayscale Bitcoin Trust.” 

Read more cryptocurrency news.

What we like:

Highly credible broker

Perfect for beginners

Protected by insurance

80+ cryptocurrencies to invest

Latest News

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

AD