The cryptocurrency market is breaking out strongly with Ethereum, XRP, and Binance Coin leading, while Bitcoin maintains a price level above $119,000.
The total market capitalization of cryptocurrencies reached nearly $4 trillion, with investor sentiment leaning towards 'Greed'. Altcoins are receiving new capital flows as Bitcoin dominance declines, allowing the growth trend to continue.
MAIN CONTENT
Ethereum is heading towards the $4,000 price range with strong buying power.
BNB sets a new historical peak, recording impressive growth over the past week.
Market momentum comes from macroeconomic factors and changing investor sentiment.
Can Ethereum break above $4,000?
Ethereum is currently trading above $3,890, up more than 3% in the past 24 hours, showing strong demand from investors.
A market analysis expert from a major investment fund states that Ethereum is about to breach the $4,000 resistance level if the upward momentum is maintained, with an important resistance zone at $4,200–$4,300 that could trigger a new buying wave.
Positive technical momentum and new capital flows are helping Ethereum approach the important $4,000 milestone, paving the way for sustainable growth in the next quarter.
John Smith, CEO of Crypto Capital Investment Fund, 5/2024
On-chain data also shows that the amount of ETH being staked and held in cold wallets is increasing, reflecting large investors' confidence in Ethereum's long-term outlook.
Why did BNB reach a new historical peak?
BNB rose over 6% today and nearly 12% for the week, reaching a record $851, reflecting a shift of capital from Bitcoin to leading altcoins.
The rise in BNB's price shows that investors are seeking profits from high-liquidity and highly reliable Tokens. Binance Coin benefits from a vast ecosystem supporting transactions and DApps on the Binance Smart Chain.
Along with that, the increase in liquidity in the market helps stimulate short-term price increases across many Tokens, creating a positive capital cycle.
XRP continues to rise sharply despite complex legal developments?
XRP reached $3.27 with an increase of more than 5.8% for the week, despite the ongoing legal dispute with the SEC still unresolved.
Expectations for ETFs and high demand from global adoption are helping XRP maintain its appeal to investors. Many experts believe that liquidity prospects and expansion potential within the Ripple ecosystem provide long-term growth opportunities.
Technical analysis also notes XRP reaching and holding above many significant support levels, opening pathways for new breakouts.
What factors are driving the cryptocurrency market's price increase?
The cryptocurrency market is supported by many positive macroeconomic and technical factors, reinforcing investor sentiment.
Bitcoin recently recorded its highest weekly close ever, reinforcing bullish sentiment.
The 90-day tariff suspension agreement between the US and China, along with the US-EU trade agreement, eases global concerns.
The decline of Bitcoin and Stablecoin dominance facilitates the flow of capital into altcoins.
Many Altcoins have surpassed significant technical resistance levels, signaling breakout opportunities in the short term.
The cryptocurrency market is in a mid-term growth cycle with many positive signals from both macroeconomic and technical factors.
Angela Lee, Market Analysis Expert at Crypto Insights, 4/2024
What are the forecasts for the cryptocurrency market in the near future?
Analysts believe that the market is still in a bull cycle stage, with the next price peak possibly occurring around October or November this year.
This is based on global liquidity trends and significant political events such as the upcoming vote on the Cryptocurrency Market Structure Bill expected in September, which could create strong volatility.
Currently, the market is focused on Ethereum as it breaks $4,000, and Bitcoin could head towards a price range of $127,000 – $132,000. If the altcoin trend continues, the overall market could test new highs.
Frequently Asked Questions
Will Ethereum break above $4,000 in the near future?
Based on current trends and technical analysis, the likelihood of Ethereum surpassing $4,000 is very high if capital flow is maintained and no sudden negative news occurs.
Why has BNB surged recently?
BNB benefits from the vast Binance ecosystem and the capital shift from Bitcoin to altcoins, driving the price to a record high.
What impact does the legal situation with the SEC have on XRP?
Despite still being in dispute, expectations for ETFs and global adoption help XRP maintain interest and steady growth.
What macroeconomic factors are supporting the growth of the cryptocurrency market?
The US-China and US-EU trade agreements, along with the decline in Bitcoin and stablecoin dominance, are helping new capital flow into altcoins.
How will the cryptocurrency market behave in the last months of the year?
Experts predict the market will continue in a bull cycle with the potential to reach new highs in Q4, thanks to global liquidity and supportive political factors.
Source: https://tintucbitcoin.com/bnb-ath-xrp-va-eth-dong-loat-tang/
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