Bitcoin Price Surge Boosts Altcoin Market Capitalization to Find New Support Levels

On December 3rd, analyst Rekt Capital emphasized that the altcoin market capitalization, excluding the top 10 cryptocurrencies, had reached a crucial juncture. Specifically, the market capitalization successfully transformed its previous resistance level into a new support level.

Altcoin Market Cap has been successfully retesting this old resistance as new support for three weeks in a row

The downside wicks on the retest are also forming a Higher Low#BTC #Crypto #Bitcoin pic.twitter.com/1GoPxC2iuE

— Rekt Capital (@rektcapital) December 3, 2023

According to CoinMarketCap, the price of Ethereum (ETH) has witnessed a growth of over 10% in the past seven days. Currently trading at over $2,200, it boasts a market capitalization of approximately $270 billion. Ethereum’s trading volume has also experienced a remarkable surge in the last 24 hours, playing a catalytic role in the upward price trend.

Data from CryptoQuant reveals that derivative investors continue to acquire ETH at higher prices due to its elevated funding rate. Moreover, its Taker Buy-Sell Ratio is in the green, indicating a prevailing buying sentiment in the derivatives market.

Additional indicators of the price surge include Ethereum’s on-chain activity and transfer volume, both of which have shown an uptick in recent times. However, concerns have been raised regarding its exchange supply, which has become a focal point of attention.

On the flip side, the Ethereum exchange reserves have increased. The Exchange Netflow Total is higher than the seven-day average, indicating substantial selling pressure on ETH.

While Ethereum experiences a robust price surge, Ripple (XRP), the fifth-largest cryptocurrency, also shows signs of an upward trend. XRP’s price increased by nearly 5% in the past week, currently trading at $0.62 with a market capitalization of around $35 billion.

On the daily chart for XRP, the MACD indicator reflects an ongoing struggle between the bulls and bears. Bollinger Band signals suggest that XRP’s price is within a less volatile range, reducing the likelihood of sharp increases in the short term.

However, the Relative Strength Index (RSI) for XRP has indicated a rise, surpassing the neutral mark. Its Money Flow Index (MFI) also follows a similar trend, indicating the continuation of the upward trajectory.

The current Bitcoin price surge has aided the altcoin market in finding new support levels

Following this, meme coins have taken a prominent position in the cryptocurrency space, largely due to their widespread popularity. Therefore, if altcoins are gearing up for a price increase, meme coins are expected to follow a similar trend.

Leading the pack is Dogecoin, the largest meme coin by market capitalization. Notably, Dogecoin has pushed its price up by over 5% in just the past seven days.

Currently trading at $0.09, with a market capitalization of around $13 billion, the market dominance of DOGE has increased by 11% thanks to this price surge. Other indicators of its price increase include its improved AltRank in the past week.

Next up is Shiba Inu, which has remained in the spotlight this year, especially with the highly anticipated launch of Shibarium. It has witnessed a 7% increase in value over the past week.

However, the most remarkable is Pepe, as this meme coin recorded a double-digit growth last week. According to CoinMarketCap, it surged by over 17%, propelling its market capitalization to nearly $600 million.

(100 votes)