The cryptocurrency market has reached a new high by reaching a market capitalization of over $3.7 trillion. With this, Bitcoin price has hit a new all-time high of $106,488.25 during early Asian market hours today. This highlights a strong bullish sentiment in the crypto space.
With current market sentiment becoming extremely greedy, is this a good time to invest in Bitcoin, Ethereum and Ripple? Dive in, because in this article we have discussed the short-term price prospects of the top 3 cryptocurrencies by market capitalization.
Bitcoin (BTC)
Bitcoin price is up 2.23% in 24 hours with a trading volume of $62.123 billion. This has led to the BTC price reaching a new ATH of $106,488.25 today. Furthermore, the stock has risen 5.83% in seven days and 14.67% in the last thirty days.
The Simple Moving Average (SMA) has supported the Bitcoin price on the daily chart. On the other hand, the MACD indicator records a steady red histogram, highlighting mixed price sentiment in the crypto market.
If the bullish sentiment continues, the BTC price could head towards its target price of $110,000 in the near future. On the contrary, if a bearish reversal occurs, the star crypto could retest its $100,000 mark.
To find answers to questions like: how high can the Bitcoin price realistically rise? Read Bitcoin Price Prediction to 2030!
Ethereum (ETH)
The ETH coin price has maintained its bullish price action by adding ~2% to its appreciation over the past day. Furthermore, it is up 26.84% over the past 30 days and has a YTD return of +73.88%.
The Relative Strength Index (RSI) is moving towards a bullish convergence in the 1D timeframe. Furthermore, with the SMA indicator registering a bullish rise, Ethereum price could continue to gain value this week.
If the market favors the bulls, ETH price could regain the $4,000 mark. Furthermore, if bullish sentiment strengthens, it could push the price of this altcoin towards the $4,500 level. Conversely, if the bears overtake the bulls, the price could retest the $3.7k level.
Are you considering buying the ETH tokens before it reaches $5000? Read Ethereum Price Prediction to Uncover the Long-Term Mysteries!
Ripple (XRP)
Despite recording bearish price action over the past week, the price of the XRP coin has risen 146.68% over the past 30 days. Furthermore, this altcoin has outperformed top tokens this year with a Year-to-Date return of +291.52%.
The Moving Average Convergence Divergence (MACD) displays a rising red histogram in the 1D time frame. With a bearish crossover in the averages and a negative SMA indicator, the XRP price is indicating negative action this week.
Suppose the bullish sentiment continues, Ripple price will cross the $2.5 mark this week and head towards the $3 mark. However, if the bears regain dominance, the price of the XRP coins could fall to a low of $2 this month.
Read our XRP price prediction to find out if Ripple price will reach $5 during this crypto bull run. Also, subscribe to CoinPedia to be the first to know about the latest cryptocurrency news!
Frequently asked questions
With Bitcoin’s dominance increasing to 55.98%, the largest cryptocurrency by market cap is very bullish.
Amid increased bullish sentiment and surging adoption, the crypto market added more than $150 billion to its valuation over the weekend.
If bullish sentiment continues and the project witnesses greater adoption, a single XRP token could reach a maximum price of ~$10 by 2030.
Credit : coinpedia.org
