Most cryptocurrencies are gradually pushing the global cryptocurrency market to its highest valuation in more than two years. This is evident as the sector recorded significant gains during the previous week. It opened trading at $1.80 trillion and hit $1.87 trillion during the next intraday session. It continued upwards as it broke through $1.90 and surged to a high of $1.97 trillion.
The closing price reflects an almost 10% increase in value. This further shows the general bullish sentiment of the market at this time. The Fear and Greed index is at 74 which shows the greed in the crypto market. This is one of the highest it has attained in more than a month.
Altcoin also contributed to the tremendous increase in the value of the global cryptocurrency market cap. It started the previous week at $993 billion and continued its uptrend. It reached its highest on Friday as it climbed as high as $1.16 trillion. Although lower at this time, the alt market’s worth suggests that some assets peaked during the period under consideration.
One such was the Worldcoin. The coin saw a massive increase in its use-case as its daily activity increased. It daily users crossed 1 million for the first time since its introduction to the market. As a result, it had a massive surge in price. It closed the previous week with gains of more than 140%. Will the surges continue over the next five days?
Top Three Cryptocurrencies to Watch
Bitcoin (BTC)
The previous week marked another bullish period for the leading cryptocurrency. It concluded the session with gains of nearly 8%, successfully overcoming several resistance levels. The asset continues to witness an uptick in buying activity as its upward trajectory persists.
In a significant milestone, Bitcoin surpassed the $52,000 mark for the first time in over two years. This occurred on Wednesday, with BTC commencing trading at $49,728 and steadily increasing in value throughout the day. Surpassing the $50,000 threshold for the third time in three days, it eventually reached $52,098, closing the day with gains exceeding 4%.
As the new week unfolds, the largest cryptocurrency by market capitalization achieved another milestone by surpassing $53,000. However, shortly after this breakthrough, a minor retracement occurred, temporarily pushing prices down to $50,800.
The unexpected breach of the $53,000 level surprised many, particularly after Bitcoin remained range-bound around $52,000 for the past five days without significant upward movement. Consequently, the Moving Average Convergence Divergence (MACD) indicator may be signalling a strong bearish trend.
This observation follows the 12-day Exponential Moving Average (EMA) halting its upward momentum, moving almost parallel to the surging 26-day EMA, indicating a potential bearish convergence. Historically, such patterns have often heralded further downtrends for BTC.
Nevertheless, a critical level to monitor this week is the $50,800 support. Over the past six days, Bitcoin has tested this level twice without breaking it. If breached, the coin may experience a decline towards $48,000.
Near Protocol (NEAR)
NEAR had another good performance during the previous week. This comes as no surprise as it continues its bullish it started two weeks ago. As with that period, it also registered significant gains and flipped several resistances.
One such was the $3.50 resistance it broke on Sunday. It started trading at $3.33 and started its hike. As a result, it broke the said level and peaked at $3.58 as it hit a brick wall in its bid for $3.60. It is worth noting that it ended the day above the said mark and closed with gains of more than 5%.
Nonetheless, before the last day’s actions, the altcoin also had a good start to the week. It started Monday at $3.12 and broke its fourteen-day high. It peaked at $3.39 as it failed to flip $3.40. It soon closed following small retracements with gains of more than 8%.
With a focus on the week, Near is not off to a good start. The previous day’s candle doji with one of the tiniest bodies. This means that the coin failed to register any notable change in value. This is changing at the time of writing as it is seeing more price declines. A few hours ago, it dropped to a low of $3.32 from an open at $3.53.
Although its recovering, it is still down by almost 4%. Indicators are silent as to next price actions. Nonetheless, if current trend continues, the asset may drop to a low of $3.15. On the other hand, it $4 in the coming days.
Apecoin (APE)
