The entire crypto market, essentially led by Bitcoin lately, has seen a massive influx of capital in the last 7 days — increasing 13.5%. That said, the weekend has been surprisingly stable — despite quite a bit of controversy over this Tether situation, the overall market capitalization hasn’t moved much. Bitcoin (BTC) is approaching a key resistance level of $85,000, which could lead to continued bullish momentum if broken. Developments include Metaplanet's continued Bitcoin acquisitions and the Ethereum Foundation's roadmap update. As a final important note, please keep in mind that this article is for informational purposes only. Disclaimer: Neither FXstreet nor the author is a registered investment adviser and nothing contained in this article is intended to be investment advice.
Market Capitalization and Bitcoin's Key Resistance
The crypto total market capitalization is recovering just as strongly. It pumped up 13% in just the past seven days, a clear sign that investor sentiment and activity are booming. Despite this positive trend, the market capitalization saw no major fluctuations over the weekend, suggesting a period of consolidation before the next potential move. The market now looks toward Bitcoin.
Bitcoin (BTC) price is approaching a key resistance point at $85,000. A strong move above this level would likely seal a bullish narrative, drawing in additional buyers and pushing prices up to new highs. If this resistance is cleared, there could be a new wave of bullishness in the whole crypto space.
Metaplanet's Bitcoin Accumulation and Bullish Sentiments
Metaplanet is still on the bitcoin accumulation offensive, having recently added 319 BTC to their coffers. This acquisition brings Metaplanet's total holdings to 4,525 BTC, underscoring the company's long-term belief in Bitcoin's value proposition. Those kinds of strategic investments help bolster market confidence and serve to further validate Bitcoin’s growing role as a store of value.
Amberdata’s data show that traders are very much in a bullish state of mind. The $100,000 strike price is the heaviest open interest (OI). The smart money is betting Bitcoin will cool down and fail to reach $100k. This illustrates just how low their expectations are for future price increases. These overly-aggressive predictions can move markets and change the behavior of investors.
Ethereum Foundation's Roadmap and Ripple's Performance
On Sunday, the Ethereum Foundation released a user-friendly version of its roadmap. That new clarity has provided us an improved understanding of how the project will develop in the future. Tomasz K. Stańczak, the Co-Executive Director of the Ethereum Foundation, is playing a prominent role in helping to lead these efforts. This smart roadmap update increases accountability and improves community expectations. Therefore, it has the potential to greatly improve Ethereum’s sustainability and provide for its long-term growth and adoption.
Ripple (XRP) per trading at $2.15 this morning during early European session on Monday. This price can be seen as a sign of sustained activity and strong interest in the cryptocurrency. As a result, XRP’s performance is arguably one of the most important indicators of the overall altcoin market’s health and investor sentiment. Investors have their eyes peeled on its price action in search of trading opportunities.
