Crypto market aims to recover $1 trillion in capitalization after 6 weeks in the shadows

There was a rebound in the cryptocurrency market on October 26 as Bitcoin (BTC) rose above $20,000 for the first time in weeks, and Ethereum (ETH) rose above $1,500 for the first time since the post-merger crash; Meanwhile, the market as a whole looks set to cross $1 trillion.

Specifically, the value of the cryptocurrency market has increased by $66 billion in the past 24 hours, from $928 billion on October 25 to $994 billion.

Chart of cryptocurrency market value in one day. Source: CoinMarketCap

In fact, the market capitalization is only $6 billion away from crossing $1 trillion, which is the closest thing to getting back to the nearly six-week level where the market cap was last above the psychological threshold of $1 trillion on September 14.

3 month cryptocurrency market cap chart. Source: CoinMarketCap

Bitcoin reached its highest level since mid-September

Bitcoin reached its highest level since mid-September as the top cryptocurrency approached the critical $21,000 barrier, trading at $20,649. What started as a siege of the $20K level then continued throughout the day, with liquidations escalating further after the biggest short positions were closed. general erasure.

Interestingly, Bitcoin alone has been responsible for liquidating $550 million in the past 24 hours, as focus has shifted to Bitcoin bulls amid a lingering price bottom.

Notably, Coinphony reports that prominent crypto trading expert Michael van de Poppe has identified the $19,500-$19,600 mark as “critical resistance” and that if Bitcoin can consolidate support at this level, it could lead to a potential short squeeze. .

Elsewhere, Ethereum has surged above $1,500 and is now trading 14% higher in the last 24 hours. Ethereum reached $1,500 for the first time since September 15, when the price of ETH plummeted after a successful network integration upgrade.

Other cryptocurrencies have seen significant price gains, with Dogecoin (DOGE) up 10.96% in the past 24 hours, and hands trading at $0.0662. Another DeFi token, Cardano (ADA), also saw double-digit gains over the past day, while market sentiment boosted 12.92% on the day to trade at $0.4063.

warning: The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

After the cryptocurrency market’s goal was to recover $1 trillion in capitalization after 6 weeks, it appeared in the shadows for the first time on Coinphony.

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