The cryptocurrency market continues its active rise, reaching a total market capitalization of $3.9 trillion, showing increased investor interest.
Record Achievements of Bitcoin
Bitcoin reached a new all-time high of $110,000, rising nearly 2%. This increase follows a period of price consolidation in the range of $102K to $110K. The RSI indicator shows that the price could continue climbing without being overbought.
Market Sentiment and Economic Factors
Overall macroeconomic conditions are supporting this rise, as the M2 money supply in the U.S. hit a record $21.94 trillion, while the dollar index DXY fell to 96.37. These trends have historically aligned with Bitcoin breakouts.
Ethereum on the Verge of Breakout
Ethereum is also showing signs of upward movement, with its price testing the level of $2,593.40 after rebounding from the 0.618 Fibonacci level. Over 36 million ETH is staked, indicating holders' intent to retain their positions.
The cryptocurrency market is undergoing significant changes, with both Bitcoin and Ethereum showing strong growth. Investors are attentive to these trends amid macroeconomic factors and shifts in the behavior of major players in the market.
