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Crypto Market Cap May Look to Cross $1 Trillion in Coming Weeks


coinedition.com 20 January 2023 07:43, UTC
Reading time: ~2 m

Almost all of the top 50 biggest cryptos in terms of market cap have printed gains over the last 24 hours according to CoinMarketCap. This has resulted in the total crypto market cap rising within the last day. At press time, the market cap for the crypto market is estimated to be $977.05 billion, which is a 0.83% increase over the last 24 hours.

Crypto market cap (Source: CoinMarketCap)

The collective crypto market cap has risen a reasonable amount since the beginning of this year. On January 1, the total stood at $796,779,922,682 and has risen since then to stand at $977,058,162,776 at press time.

The crypto market cap may look to cross the $1 trillion mark in the coming weeks. In order for this to happen, the prices of the two crypto market leaders need to post significant gains.

Looking at the two largest cryptos by market cap, Bitcoin (BTC) and Ethereum (ETH), both coins have seen their prices rise over the last 24 hours. BTC’s price is currently up 0.81% to trade at $20,979.26, while ETH is changing hands at $1,546.78 following a 24-hour gain of 1.23%.

Weekly chart for BTC/USDT (Source: CoinMarketCap)

BTC’s price is now trading at the weekly resistance level of $20,639.36. If it can overcome this level, then its next target will be $25,074.71.

Weekly chart for ETH/USDT (Source: CoinMarketCap)

ETH’s price is also trading at a weekly resistance level at $1,596.47 on its chart. The next obstacles that it will have to overcome should it enter into a rally are the resistance level at $1,778.73 and $2,017.94.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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