The total market value of the cryptocurrency hit the $ 2 trillion mark on April 5. As the value of cryptocurrencies rises, they are likely to attract more investment from institutional investors as they can no longer be ignored.
Less than three months ago, the cryptocurrency market hit a trillion dollar market value for the first time. These growth rates show that investors are very optimistic about the sector’s potential and that those who postpone their investment decisions may be forced to go to much higher levels.
Ark Invest Founder and CEO Katie Wood is known for identifying disruptive technologies, and for that, the company backs Bitcoin (BTC). Yasin El-Mangra, a crypto real estate analyst at Ark, said that Bitcoin is “100 times better” than gold and therefore believes that Bitcoin will grow 10 times from its current market value of $ 1 trillion to match the market value $ 10 trillion. the value of gold.
For Bitcoin to continue its journey north, institutions must continue to invest in it. The Bitcoin ETF, the first licensed Bitcoin Trading Fund (ETF) in Canada, launched two months ago and currently contains 16,462 BTC.
If a Bitcoin ETF gets approval from US regulators, it could attract huge investments, which overshadows the target of Bitcoin ETF inflows.
The history of cryptography has gone beyond Bitcoin. Data from business intelligence firm CB Insights showed that crypto and blockchain startups received $ 2.6 billion in funding in the first quarter of 2021. This is significantly higher than the total $ 2.3 billion in funding received in 2020, indicating that there is growing interest in the sector.
Therefore, the question for most investors is whether the cryptocurrency market will be able to maintain the current momentum. Let’s break down the cards of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin today bounced off the 20-day exponential moving average ($ 56,750), indicating that sentiment is still positive and bulls are buying on every weak.
Buyers will now try to push the price above the $ 60,000 upper resistance zone to $ 61,825.84. If successful, he can open the meeting door for $ 69,540 and then for $ 79,566.
However, the bears are unlikely to give up so easily. They will try to stop the rally in the resistance zone again. If this happens, the likelihood of a breakout below the 20 day moving average increases.
This could lead to a drop in critical support for the 50-day SMA ($ 53,978). If the bears drop their price below the 50-day simple moving average, the pair could fall to the next support level of $ 50,460.02.
ETH / USDT
Ethereum (ETH) hit a new all-time high of $ 2,144.59 on April 2. However, the bulls failed to develop this move as the bears were aggressively selling and dropping the price below the $ 2,040.77 breakout on April 3.
Since then, both bears and bears have struggled with the price of nearly $ 2,040.77. When the bulls try to turn this level into a support level, the bears try to pull the price below it and catch the bulls.
The high of the 20-day moving average ($ 1,872) and the Relative Strength Index (RSI) above 65 indicates that the bulls have an edge. If buyers manage to push the price above $ 2,144.59, the ETH / USDT pair could move to the next trend phase, which could reach $ 2,618.14.
Contrary to this assumption, if the bears return the price below $ 1,977, the pair could fall to the 20-day moving average. A break below this level would indicate weakening bullish momentum and could lead to a decline in the trendline.
BNB / USDT
Binance coin (BNB) broke the upper resistance range of $ 348.69 to $ 356.98 today and reached a new permanent high. When an asset class reaches a whole new high, it is a sign of strength as it shows that traders are buying at higher levels as they anticipate further rallies.
Both moving averages slope upward, and the RSI rallied to the overbought zone, indicating that the path to the least resistance is upward. BNB / USDT could now rise to a target of $ 400 and then to $ 430.