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Crypto analysts gauge the health of the cryptocurrency market using the total market cap.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.
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The total market capitalization of the cryptocurrency market has dropped to $1.16 trillion.
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The first scenario mentioned by the trader was that there would be a sweep towards $25.8K, possibly even $24.9K. If this scenario did not play out, then van de Poppe predicted that BTC’s price would reclaim $26.6K or could rise to as high as $27.5K. He stated that he will go long on BTC if the latter plays out, because its price will “accelerate towards highs.”
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Van de Poppe also mentioned that he wanted the $27K support level to hold, but this was not the case as BTC’s price had broken below the support level in the past 48 hours. As a result, van de Poppe predicted two possible scenarios for the crypto in the next couple of days.
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The ETH/USD pair slightly outperformed the wider cryptocurrency market, which rose 2.5% above a total market capitalization of $1.1 trillion.
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Ether (ETH) price jumped nearly 3% to around $1,870, its highest level in over a week on may 23.
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