The cryptocurrency market has reclaimed the $2 trillion market capitalization it lost in January 2022 as rallies seen in Bitcoin and XRP is leading to a broader crypto market bull rally.
Bitcoin has gained over 19% in the last 7 days, pushing its price to trade as high as $45,293.87 on Wednesday, according to CoinMarketCap.
Of the top 10 Altcoins, XRP is the one to watch as the token has rallied over 45% in the last 7 days as it joins Bitcoin to spark a new bullish rally in the cryptocurrency market. However, many experts say it is still too soon to claim that the cryptocurrency bull run is back in session.
Bitcoin during the week was able to break above the 50-day simple moving average (SMA) $42,659 and reached the overhead resistance at $45,293.87 before declining to currently trade below the $44,000 trading zone. It means that the current resistance zone is a fierce and import zone for Bitcoin to break before more potential upside can be seen.
William Clemente, the lead insights analyst at Blockware Intelligence that $58,000 is an area to flip before seeing new all-time highs. He stated, “Pretty straightforward price action-wise for BTC. Bidding green box(es); would like to see a higher low set for continuation. Flip the 40-41k area as support and can start eyeing 47K which is PoB in confluence with yearly open and STH realized price. Final major area is 58k.”
Although Bitcoin is bullish at the moment, its macro factors are still a cause for concern. The current hawkish stance of the United States’ federal reserve is one of these factors to consider as many analysts expect rate hikes to begin in March. Although some believe the rate hikes have been priced in due to Bitcoin’s rough start to the year, many others believe a decline towards mid $20,000’s is expected this year.
Of the top 10 altcoins, XRP is also leading the cryptocurrency bullish momentum we are currently experiencing. Due to positive news for Ripple relating to its case against the United States’ Security and Exchange Commission (SEC), XRP bulls are optimistic about a favourable outcome. XRP’s advance comes after U.S. District Judge Analisa Torres of the Southern District of New York ruled that sealed documents in Ripple’s court battle with the SEC over whether the token was issued and sold as an unregistered security should be opened.
