In last 48 hours, the market capitalization of crypto market surged more than $25 billion. Once again the market cap crossed the mark of $200 billion, from $198 billion now the market capitalization is $223 billion.
From past some days, crypto market initiated a strong corrective rally as a result of extremely oversold conditions. Though the cryptocurrencies are following downtrend from the starting of 2018 most of the crypto investors are expecting that there could be a massive upward movement at this time. The upward movement of major cryptocurrencies and small market cap cryptos have started the market to retrace.
It is a positive sign that the market has started recovering after a major corrective rally. If the market has continued to grow in the upward direction without the corrective rally, then it could lead to a big price drop. If we see the momentum and volume of the market there are high chances that the crypto market will touch the mark of $250 billion very soon.
Currently, Bitcoin is trading just under the mark of $6,700. According to the legendary crypto investor, Mike Novogratz the major resistance level for Bitcoin is $6,800 which Bitcoin has to break the resistance level in near future to follow the upward movement. Within a week the volume of major cryptocurrency, Bitcoin has increased from $3.3 billion to $5.8 billion. If the volume is sustained over the next 48 hours then it will be highly likely that the top cryptocurrency will surpass the resistance level of $6,800 in short term. If the Bitcoin surpass the level of $6,800 then it can soon touch the level of $7,000 which could also allow Bitcoin to test the resistance level of $8,800 in mid-term. According to Mike for Bitcoin major resistance levels are $6,800, $8,800, and $10,000.
A prominent Japanese crypto market analyst, Masayuki Tashiro also has the same point of view. According to Tashiro, it is highly likely that by the next month Bitcoin will surpass the level of $9,000. Masayuki is bullish for the crypto market and he believes by October the outline of regulations will be decided so the investors who will feel safer will come back. In Japan and South Korea, positive regulatory developments have been already made which started to push the crypto market in a positive direction. Masayuki thinks that the things will not get overheated like last year but the crypto market will gain significantly by the end of the year.