#REVABinanceTGE #BTC #ETH5kNext? #newscrypto $BTC
The total capitalization of the crypto market rose to an all-time high as Bitcoin reclaimed the $120k level and Ethereum closed in on its all-time high. Against this backdrop, Story protocol’s IP was down on the weekly time frame while SOL posted strong gains.
The combined market cap of all cryptocurrencies climbed to an all-time high of $4.16 trillion on Wednesday, Aug. 13, extending this week’s gains to nearly 10% amid what appears to be an ongoing crypto bull season following years of market consolidation and gradual recovery.
The crypto market continued to rise today, driven by a combination of macroeconomic and regulatory factors, along with increasing odds of a Fed rate cut over the past weeks, which is typically bullish for risk-on assets such as cryptocurrencies.
Bitcoin was up 1.6% at $120,203, while Ethereum Ethereum
eth
6.08%
Ethereum jumped nearly 10%, with both hovering near record highs and fueling bullish sentiment across the market.
The rally played out unevenly across the market. Investors seemed to be favoring bigger crypto projects this week, pushing SOL higher, while Story Protocol’s IP slipped.
Solana price analysis
Solana price Solana
sol
12.19%
Solana has risen 15% over the past 24 hours, and was trading above $200 for the first time this month. Today’s rally has extended its gains to 28% from its monthly low.
On the chart, SOL’s price action has taken shape within a rising wedge — two upward-sloping trendlines gradually converging toward each other. The setup comes alongside a golden cross, where the 50-day moving average has climbed above the 200-day, a move traders often view as a strong bullish signal.
If buyers succeed in pushing the price above $213 by the close of the session, it would confirm a breakout from the rising wedge. Such a breakout could set a potential target of $252, a level that coincides with the 78.6% Fibonacci retracement.