The global crypto market cap is once again above $1 trillion after Bitcoin nears $40,000. Following the major cryptocurrency, major altcoins have also expressed positivity in price values.
After claiming an all-time high of $42k, the top-ranked digital asset plunged to a great extent. The bears have pushed the price as low as $30,000.
In today’s trading session, the leading cryptocurrency has once again pumped upwards. The bull run has resumed after a few days of uncertainty in the crypto markets. Currently, the value is standing at $38,527 after growth of 10.18% in the previous 24-hours.
On Monday, the crypto enthusiasts saw the worst day as the flagship digital currency’s price lost $12,000 in a single day. Bitcoin critics blamed whales for market manipulation for their benefits. It is a strong narrative among the crypto critics that the sector is not mature because few entities in the industry control the BTC markets at the cost of small traders.
However, it is true to some extent that there is an existence of big fishes, but Bitcoin has a lot of potential for retail investors as well. With time, the industry will become mature, and the role of whales may become negligible.
As Bitcoin touched $30, some market observers claim the bullish rally was over. But today’s development has revived the bullish sentiments and given rise to a new hope of the biggest bull run of its entire history.
Bitcoin has increased $6,000 since yesterday’s low of $32,000. The level at $39,000 may prove as an immediate resistance against the rising price tag. Based on the indicators and charts positions, the short-term resistance levels are standing at $40,000, $41,200, and $42,000.
While there are some support levels, at $36,000, $35,200, and $34,000, which may act as support lines. The support levels could prevent the price from going down.
Similarly, cryptocurrencies other than Bitcoin are also trading bullish. Ethereum, the second-biggest cryptocurrency on CoinMarketCap, is swapping hands at $1,158 after surging by 8.94% in the last 24-hours. Polkadot (DOT) is the biggest winner as it increases by 32.44% in just a single day. Currently, Polkadot is trading at $12.05.
In the top ten cryptocurrencies, only the XRP coin is slightly bearish. XRP’s price is affected by the lawsuit of the Securities and Exchange Commission.