Bitcoin breaches $35,000 mark again, ETH trades above $1,880

Crypto market overview: Bitcoin continued its narrow range while showing a little upside and testing the $36,000 mark before finding support at $35,000 again. If Bitcoin does touch $36,000, it would form an 18-month high.

The Crypto Fear and Greed Index slumps two points and currently hovers at 66 points in the greed section. 

Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “The pick of the coin by investors in the last 24 hours remained Solana. SOL has doubled in value in the last 4 weeks but traders still seem to bid SOL at a higher price. While SOL’s all-time high remains at $260, it touched the $8 mark last December in the FTX aftermath. $50 will remain a crucial psychological resistance for SOL in the short term.”

While the CoinDCX Research Team also shared their views on the market movement. CoinDCX said, “In the last 24 hours, both BTC and ETH went through significant price swings. They initially dipped in value, then rapidly rose, and finally settled at their initial levels. BTC attempted to reach $36,000 but faced selling pressure, bringing it back to the $35,300 range. In contrast, ETH found support at the prior resistance level of $1,850, quickly jumping to $1,900, and now sitting at around $1,880. This is a positive sign if it can hold this position. Notably, the Ethereum blockchain processed a remarkable $250 billion in transactions last week, marking the highest activity since mid-March, and bolstering the positive outlook for ETH.”

“Meanwhile, the performance of altcoins was mixed as BTC dominance showed a minor increase. Additionally, the total market capitalisation of the entire crypto market surpassed $1.33 trillion, a milestone not seen since May 22, signifying an influx of funds into the market, which is a positive sign for the crypto space.” CoinDCX added. 

Shivam Thakral, CEO, BuyUcoin, said, “The overall crypto market touched the $1.33 trillion mark with BTC and ETH leading the effort. Altcoins like SOL, TON, and MATIC made impressive contributions to the current market rally as the world’s largest altcoin, ETH, jumped by over 15 per cent in November. The digital asset industry is ready for the next phase of responsible growth as the FTX trial has come to a close. The positive market sentiment is pointing towards healthy and sustainable growth in the coming weeks subject to macroeconomic conditions.”

Rajagopal Menon, Vice President, WazirX, shared his insights on the Relative Strength Index. Menon said,  “Bitcoin's enduring market dominance remains above the 50 per cent threshold, coupled with its resurgence to achieve the $35,000 price level. On the Ethereum front, the digital asset has established a robust support level at $1,800. The Relative Strength Index (RSI) maintains a neutral stance, signalling a prevailing bullish sentiment in the Ethereum market.” 

Edul Patel CEO of Mudrex, told Republic, “Bitcoin is currently trading around the $35,300 mark, and notable altcoins like Solana and Toncoin have shown impressive growth, surging by more than 6 per cent and 11 per cent, respectively. This recent price surge has driven the total market value of cryptocurrencies to a 16-month high, reaching 1.34 trillion dollars. To sustain its upward trajectory, Bitcoin will now need to break through the $35,700 mark, or it may find support at around $34,200. The market sentiment is presently neutral, leaning towards bullish, as altcoins continue to display significant gains. Meanwhile, Ethereum is trading near the $1,900 level.”

Crypto price prediction

Vikram Subburaj, CEO, Giottus, gave his insights into the potential crypto movement in the coming days. Subburaj said, “Bitcoin has successfully breached $35,000 overnight and is moving towards key resistance at $35,500. A successful break will mean a shot at $38,000 in the upcoming weeks. After the US Fed’s update on Friday, investors are likely routing capital to risk-on assets such as stocks and crypto as treasury yields and gold (considered a safe haven) showcase a marginal decline.” 

“If Bitcoin continues to hold its current price, altcoins are likely to prosper in the short term. On a weekly basis, 7 out of the top 15 altcoins have registered double-digit growth while Bitcoin is up 3 per cent,” Subburaj added. 

In other news, the crypto market’s second biggest stable coin issuer USDC is contemplating going public and launching its IPO next year. While USDC is supposed to be a stablecoin, its value had fallen by more than 10 per cent briefly after the collapse of Silicon Valley Bank last year.