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Home Markets Cryptos

Crypto market cap reclaims $2 trillion mark as Bitcoin and XRP leads rally

Bitcoin has gained over 19%, trading as high as $45,293.87 on Wednesday.

Ajibola Akamo by Ajibola Akamo
February 10, 2022
in Cryptos
Crypto market cap reclaims $2 trillion mark as Bitcoin and XRP leads rally
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The cryptocurrency market has reclaimed the $2 trillion market capitalization it lost in January 2022 as rallies seen in Bitcoin and XRP is leading to a broader crypto market bull rally.

Bitcoin has gained over 19% in the last 7 days, pushing its price to trade as high as $45,293.87 on Wednesday, according to CoinMarketCap.

Of the top 10 Altcoins, XRP is the one to watch as the token has rallied over 45% in the last 7 days as it joins Bitcoin to spark a new bullish rally in the cryptocurrency market. However, many experts say it is still too soon to claim that the cryptocurrency bull run is back in session.

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What you should know about the crypto rally

  • Bitcoin during the week was able to break above the 50-day simple moving average (SMA) $42,659 and reached the overhead resistance at $45,293.87 before declining to currently trade below the $44,000 trading zone. It means that the current resistance zone is a fierce and import zone for Bitcoin to break before more potential upside can be seen.
  • William Clemente, the lead insights analyst at Blockware Intelligence that $58,000 is an area to flip before seeing new all-time highs. He stated, “Pretty straightforward price action-wise for BTC. Bidding green box(es); would like to see a higher low set for continuation. Flip the 40-41k area as support and can start eyeing 47K which is PoB in confluence with yearly open and STH realized price. Final major area is 58k.”
  • Although Bitcoin is bullish at the moment, its macro factors are still a cause for concern. The current hawkish stance of the United States’ federal reserve is one of these factors to consider as many analysts expect rate hikes to begin in March. Although some believe the rate hikes have been priced in due to Bitcoin’s rough start to the year, many others believe a decline towards mid $20,000’s is expected this year.
  • Of the top 10 altcoins, XRP is also leading the cryptocurrency bullish momentum we are currently experiencing. Due to positive news for Ripple relating to its case against the United States’ Security and Exchange Commission (SEC), XRP bulls are optimistic about a favourable outcome.
  • XRP’s advance comes after U.S. District Judge Analisa Torres of the Southern District of New York ruled that sealed documents in Ripple’s court battle with the SEC over whether the token was issued and sold as an unregistered security should be opened.
  • Ripple founder and Chairman Chris Larsen, who had attached two memos as sealed exhibits to his motion to dismiss the SEC case, previously argued that documents sent to prospective investors in 2012 didn’t refer to XRP as investment contracts or securities. The memos are said to contain information from unidentified lawyers who concluded XRP tokens weren’t securities. Last week, Torres asked for the documents to be unsealed later this month.
  • This news propelled XRP’s market capitalization to regain the $40 billion mark as it move ahead of Cardano’s ADA and Solana’s SOL tokens, to become the 6th most valuable cryptocurrency by market capitalization.

What they are saying

JPMorgan analysts said in a recent investor note that Bitcoin’s boom and bust cycles are hindering further institutional adoption. The analysts estimate that with volatility four times that of gold, Bitcoin’s fair value is about $38,000. If the volatility reduces to three times that of gold, the fair value estimate for Bitcoin rises to $50,000.

The Wells Fargo Investment Institute, the research division of Wells Fargo Wealth and Investment Management, in its report titled “Cryptocurrencies — Too early or too late?” said the crypto markets were still in the early days of adoption. The report added that “most of the opportunity lies before us, not behind us.”

Bottomline

The United States’ CPI information will be released and this data has historically caused significant price action in the cryptocurrency market. Market participants are advised to trade cautiously as the cryptocurrency market is known for its significant volatility.


Follow us for Breaking News and Market Intelligence.
Tags: BitcoinChris LarsenXRP
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

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