by Coinstrooper Crypto Articles
Quick Take
  • The week begins green, as the crypto market is up today, with the cryptocurrency market capitalisation rising by 2.2%.
  • 90 of the top 100 coins have gone up over the past 24 hours.
  • At the same time, the total crypto trading volume is at $111 billion.
  • At the time of writing, all top 10 coins per market capitalization have seen their prices rise over the past 24 hours.

What Happened

Meanwhile, several notable developments occurred globally. Philippines’ GoTyme Bank has launched crypto trading for its 6.5 million customers through a partnership with US fintech firm Alpaca.

Robinhood Markets announced two key acquisitions, marking its official entry into the Indonesian market, Binance secured three new licences in Abu Dhabi, and Coinbase reopened registration in India after a two-year operational hiatus.

John Glover, Chief Investment Officer of Ledn, commented how a number of headlines are indicating that BTC’s bounce off of the $81,500 level over this past week “signals that we are on our way to new highs by year end.”

Market Context

The week begins green, as the crypto market is up today, with the cryptocurrency market capitalisation rising by 2.2%. It stands at $3.2 trillion. 90 of the top 100 coins have gone up over the past 24 hours. At the same time, the total crypto trading volume is at $111 billion.

At the time of writing, all top 10 coins per market capitalization have seen their prices rise over the past 24 hours.

Bitcoin (BTC) is up by 2.4% since this time yesterday, currently trading at $91,532.

The smallest increase in the category is 0.4% by Tron (TRX), currently trading at $0.2869.

At the top we find Zcash (ZEC), with a 9.2% increase to the price of $370.

“I continue to look for the market to trade in a $71,000 to $105,000 range for the next 4-6 months, and intend to accumulate BTC in the $72,000 to $84,000 range as the opportunity presents itself,” Glover says.

At the time of writing on Monday morning, BTC stood at $91,532. After a brief dip to the intraday low of $87,887, the price jumped to the day’s high (so far) of $91,786.

Moreover, BTC is up 6.3% over the past 7 days, trading in the $84,553–$93,855 range. It’s down 10.3% in a month and 27.3% from its all-time high of $126,080.

Why It Matters

Correction May Take Months To Complete

He argues that the Rule of Alternation suggests that if Wave II is fairly simple in its A-B-C formation, then Wave IV is likely to be complex.

Details

Crypto Winners & Losers

Ethereum (ETH) is up by 3.3%, now changing hands at $3,133. This is the highest increase among the ten.

The second-highest rise is Solana (SOL)’s 2.8% to $135.

When it comes to the top 100 coins, 90 have appreciated over the past day.

It’s followed by Canton (CC)’s 8%, now changing hands at $0.06749.

On the other hand, Monero (XMR) and MemeCore (M) fell the most among the ten that have gone red over the past day. The former is down 2.8% to $375, while the latter fell 2% to $1.23.

These are also the only two coins with decreases above 1%.

“I disagree,” he says.

“To me what we’ve seen since the Wave III high thus far is only the A wave of the Wave IV A-B-C correction, and will take months to complete.”

“If we have a 2 day close above $108,000 I’ll make the call that the correction is over and ensure that I have my full long position in place at that time,” he concludes.

Levels & Events to Watch Next