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Crypto Market Cap Surpasses $1 Trillion as Altcoins Surge

2 mins
26 October 2022, 19:45 GMT+0000
Updated by Ryan James
26 October 2022, 19:45 GMT+0000
In Brief
  • The total crypto market cap has given a double-bottom breakout.
  • Kompete has risen by 53.1%, PointPay by 31.4%, and Illuvium by 30.5% in 24 hours, according to CoinGecko.
  • The analysis suggests that Bitcoin may cross $23,000 soon.
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The overall crypto market cap has surpassed the $1 Trillion mark. The alts like ETH, DOGE, and TON have supported BTC’s contribution to the market cap.

According to CoinGecko, the global cryptocurrency market cap has surpassed the $1 Trillion mark. The top gainers on CoinGecko are Kompete, PointPay, and Illuvium. However, the large-cap and midcap rally contributes the most to the total market cap.

Crypto market cap TOTAL
Source: CoinGecko

Bitcoin BTC price analysis

In a daily timeframe, Bitcoin has broken out of the double bottom pattern. As the price is significantly above the neckline at $20,367, it is highly likely to give a daily close above it today.

However, the price is battling immediate resistance of the 100-day Simple Moving Average (SMA) at $20,908, the 20-week SMA at $21,046, and the 100-day Exponential Moving Average (EMA) at $21,227. These resistances may slow down the rally of Bitcoin.

However, a daily close above all these resistance can easily send the price to over $23,000 levels.

BTC price
Source: TradingView

The total crypto market cap price analysis

The total crypto market cap on TradingView calculates the total of just the top 125 coins. Hence there is a difference in the market cap reported by CoinGecko that considers over 13,260 coins.

The total crypto market cap had a similar breakout to that of Bitcoin. It broke out from the neckline of the double bottom at 940.122bn with the support of volume. Although the price is trading over the 20-week SMA, it is battling the resistance of the 100-day SMA and the 100-day EMA. 

If there is a close above these resistance levels, the price can visit the $1 Trillion area.

Crypto Total Market Cap
Source: TradingView

The $1 Trillion market cap is a massive milestone for crypto. The community is happy because the crypto market is showing bullish strength for the first time in weeks.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here


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