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.