Markets
Crypto Market Watch: Bitcoin reaches US$63,000 mark; notable increase in cryptocurrency market capitalization
Bitcoin recently surpassed the $63,000 mark, according to Rajagopal Menon, vice president at WazirX. The cryptocurrency has surpassed resistance levels at $61,000 and $62,000 and is now above $62,000. The overall cryptocurrency market capitalization has increased by 1.88% in the last 24 hours.
Despite possible indicators of a drop to $60,000, Bitcoin remains above $62,800. A small market pullback is expected that could push the price slightly below $62,400.
Ethereum remains above the significant $3,000 mark, serving as a psychological barrier and support level. The future direction of Ethereum prices remains uncertain due to market dynamics.
Shivam Thakral, CEO of BuyUcoin, has noted Bitcoin’s resilience at the $60,000 level on several occasions, suggesting market strength. He indicated that once Bitcoin remains consistently above its previous high, it could trigger further growth in the altcoin market. AI and GPU-related cryptocurrencies have shown strong recoveries recently.
Bitcoin and Ethereum are at crucial points, with possible changes depending on economic indicators and investor sentiment. Despite the bullish momentum, investors are advised to monitor support levels and market indicators for possible trend changes.
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