Crypto Market Capitalization Could Surge 40% If We Break a Key Resistance Level
The cryptocurrency market could be moving towards the $200 billion valuation. During the last few weeks, Bitcoin and other digital assets have been growing after a year-long bear market. Experts are very anxious about what can happen in the near future with the digital asset.
Crypto Market Cap Could Grow 40%
The cryptocurrency market capitalization could keep growing in the near future. According to the professional trader on Twitter Mind Trader, The whole market could move to $225 billion in the near future.
#Crypto Total Market Cap (Calculated by #TradingView ) : Current $161.9 Billion, Important Support now at $158 Billion & $144 Billion and resistance at $180 Billion, if manage to break out above $180 Billion then next possible Target will be at $225 Billion.Plz RT & SHARE 🙏🙏🙏 pic.twitter.com/m3SzeC963g
— Mind Trader (@mindandtrading) April 11, 2019
At the moment, as Mind Trader explained, the total market capitalization of virtual currencies is $161.9 billion. There are important support levels at $158 billion and $144 billion as well. Moreover, he mentioned that if we are able to break above $180 billion, it could be possible to see $225 billion after it.
However, surpassing $180 billion might be a very difficult task because this area was recently rejected. There are several digital currencies that have dropped more than 10% in the last 24 hours. If the crypto market is able to reach $225 billion, that would certainly mean that the bear market is over and that digital currencies are starting to grow once again.
Bitcoin could also see its dominance in the crypto market fall. In the last years, Bitcoin’s market dominance has dropped from over 86% in 2017 to 32% in 2018. Now, Bitcoin has a dominance of over 52%. If altcoins continue growing in the near future, they could take part of the market that Bitcoin currently has, which is clearly not positive for the digital asset.
Since August 2018, Bitcoin has a market dominance of over 50%. When altcoins experienced a bull trend in January 2018, Bitcoin was very close to losing its first position in terms of market dominance.
At the time of writing, each Bitcoin can be purchased for $5,084 and it has a market capitalization of almost $90 million.
Live Bitcoin (BTC) Price:
1 BTC/USD =$44,040.8632 change ~ -8.33%