Coin Edition -
- Trader Michael Van De Pope predicted the crypto market cap will surge to $1.6-1.9 trillion.
- The full-time trader cited positive trends and support/resistance flip at $1 trillion.
- Bitcoin (BTC) traded at $27,857.19 today, while Ethereum (ETH) changed hands at $1,894.55.
Renowned trader and CEO & Founder of MN Trading, Michael Van De Pope, recently shared insights that have caught the attention of the cryptocurrency community. In a recent tweet, Van De Pope suggests that cryptocurrencies’ total market capitalization could reach an impressive $1.6-1.9 trillion range.
The total market capitalization for $1 holds above the 200-Week MA and EMA. Additionally, great S/R flip of the $1 trillion level shouts that we'll continue movements.In that case, likely that the entire market capitalization of #Crypto rallies to $1.6-1.9T. pic.twitter.com/lrfwhCHNS3— Michaël van de Poppe (@CryptoMichNL) May 29, 2023
Van De Pope’s prediction is based on two key indicators that reveal the possibility of significant market growth. Firstly, he points out that the total market capitalization for $1 has consistently remained above the 200-week moving average (MA) and exponential moving average (EMA). This suggests a positive trend and a solid foundation for further growth.
Furthermore, Van De Pope highlights a notable support and resistance (S/R) flip at the $1 trillion level. This flip signifies a significant change in market dynamics and often serves as a potential catalyst for increased movements. Van De Pope’s observation of this development adds weight to his prediction of a potential market rally.
In other related reports, according to CoinGecko data, top cryptocurrencies have been surging in price. The price of Bitcoin (BTC) is $27,857.19 today, with a 24-hour trading volume of $15,874,396,111. This represents a 2.32% price increase in the last 24 hours and a 3.21% in the past 7 days. With a circulating supply of 19 million BTC, Bitcoin is valued at a market cap of $540,745,255,572.
On the other hand, Ethereum (ETH), the second-largest cryptocurrency, is valued at $1,894.55 today with a 24-hour trading volume of $8,158,737,739. This represents a 2.85% price increase in the last 24 hours and a 3.83% in the past 7 days. With a circulating supply of 120 million ETH, Ethereum is valued at a market cap of $228,100,232,112.
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