Thursday, June 20, 2019

Crypto Market Cap Could Hit $200 Billion Soon, With Recent Gains Of Top Cryptocurrencies

The recent gains of the top cryptocurrencies such as Bitcoin, Ethereum, Ethereum Classic, Stellar, Bitcoin Cash, EOS, Ripple, Tron indicates the crypto market cap could hit $200 Billion soon.

Recent Gains On Major Cryptocurrencies

Bitcoin Cash has been showing a positive signal despite its recent correction towards the mark of $275. It went further above the 300 dollar level and still trading above it at press time. The technical analysis still indicates immediate resistance is near the $325 level, above which the price is likely to grind higher towards the $340 and $350 resistance levels.

Also, Bitcoin’s sudden rise last week that saw a rise above the $5,000 level experienced a correction. Over the weekend, the value rose again above the $5,000 level and is trading between $5,200 and $5,300 level at press time.

The price of EOS corrected lower and tested the $5.00 level. Afterward, the price bounced back above the $5.30 and $5.40 resistance levels. The price has further been pushed by buyers to the price above the $5.50 level to open the doors for a fresh increase towards the $6.00 hurdle.

Also, the price of Stellar was trading above the $0.1250 and $0.1300 resistance levels, later gained more than 5% and it is trading nicely above the $0.1320 level. The next major resistance is near the $0.1400 level, where sellers are likely to take a stand.

Meanwhile, Tron price is gradually gaining momentum above the $0.0250 level. The price recently broke the $0.0275 resistance, and it is currently up around 5%. The next major resistance is near the $0.0300 level, above which the price is likely to surge sharply towards $0.0325 or $0.0350.

Sudden Surge In Market Capitalization

Meanwhile, the recent and gradual surge in crypto value is equally synonymous with the surge in the market cap. In recent time, there has been a fresh increase in the value of the crypto market cap, after testing the $158.0B support level.

The market cap then surges above the $168.0B resistance, and it seems to be approaching the $178.0B and $180.0B resistance levels. A close above the $180.0B level is likely to open the doors for more upsides. The next major target could be $200.0B in the coming days. While on the downside, there are many supports near the $172.0B and $170.0B levels.

Bitcoin Whale and Fiat Inflow

The recent testament of the influx of Bitcoin whale by Fundstrat Global Advisors head of research, Thomas Lee shows that a surge in the market is imminent. This could drive the market cap to $200 billion and above soon. Also, this will impact the price of cryptocurrencies positively.

Also, Kain Warwick the chief executive at Blueshyft, noted in a tweet recently that there is a fresh inflow of fiat into cryptocurrency. This should cause an increase in market cap value and price of cryptocurrency as well.

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