Last week, the top 10 largest cryptocurrencies saw significant increases in value during the previous intraweek session. As a result, most of them attained levels they have in more than a high. Others retested key barriers.
The surge in the prices of these assets also showed in the global cryptocurrency market cap. It started the previous week at $1.64 trillion. It failed to surge or decline for the first three days of the session as it maintained around the mark. However, this changed on the fourth day as most cryptocurrencies had small hikes in prices.
Due to the small increases, the value of the sector under consideration rose to a high of $1.82 trillion. It is worth noting that this also sparked a turning point in market trajectory as it marked start of an uptrend that lasted till the end of the week.
Nonetheless, the closing price means the global cryptocurrency market gained almost 10%. Additionally, the uptrend is present this week as the sector attained a new high. It surged to $1.88 trillion, the highest in almost two years.
With the crypto market seeing a bullish trend, let’s see how some assets will perform over the next five days.
Top Three Cryptocurrencies to Watch
Bitcoin (BTC)
Against all predictions, Bitcoin had recorded one of its biggest surges. In the early hours of February 13, 2024, the surge came after the announcement of Microstrategy adding to its back of the precious cryptocurrency, and institutions frenziedly added it to their portfolios.
Subsequently, on Wednesday, the BTC/USD broke through the $44k resistance and rose higher closing the session at its peak which meant an almost 3% increase after over fourteen days.
The previous week was another bullish period for the apex coin. It closed the session with gains of almost 8% as it broke through several barriers. The asset continues to see more increases in buying volume as it continues to climb.
For the first time in over two years, bitcoin broke $52k. BTC started trading at $49,728 and gradually experienced a quick turn upward after flipping to $50k for the third time in three days. It soon tested $52,000 and peaked at $52,098, it ended with more than 4% after falling a bit downward.
Bitcoin, the largest cryptocurrency by market cap hit a new high, a few hours to the time of writing, it broke $53k. However, following the up flip, it had a small retracement that sent prices as low as $50,800.
Flipping $53,000 was an unexpected outcome to many before the significant downtrend. This happened shortly after the coin spent the last five days hovering around $52k with no notable breakout signals. As a result, the Moving Average Convergence Divergence may be printing a strong bearish signal.
Consequently, It’s been trending almost in parallel as opposed to the surging 26-day EMA. This is a sign of an impending bearish convergence. As with previous times, this could signal more downtrends for BTC.
Nonetheless, one of the key levels to watch this week is the $50,800 support. In the last six days, the apex coin tested this mark twice but failed to break through, however, If it breaks, the coin may drop as low as $48k.
Ethereum (ETH)
Stacks (STX)
