key points:
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The Crypto market is up 2.5% on 22 May, with its capitalization, above $ 3.48 trillion for the first time since February.
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Bitcoin’s new all-time of $ 111,888 is promoting investors’s confidence in the high crypto market.
The cryptocurrency market is above today, the total market capitalization has been increasing by about 2.5% in the last 24 hours, to reach $ 3.48 trillion on 22 May. A total of 24-hour trading volume in all crypto assets has also increased by 55% to $ 193.2 billion, which strengthens the intensity of demand-party activity.
Let’s look at the factors running Crypto prices today.
Crypto prices are made from Bitcoin’s new all-time high
Today’s advantage was led by Bitcoin (BTC), which was first broken through $ 111,000 on 22 May, a fresh all-time high setting, as market sentiments continue to improve after the tariff-inspired cell-off last month.
Data Pro from cointelegraph markets and Tradingview On May 22, on 21 May 21, a new record of $ 111,888 rose to BTC 7.3% from a low level of $ 104,200, raising the comprehensive crypto market with it.
Prominent altcuines such as Ether (ETH), Cardano (ADA), and Solan (Sol) followed the lead of bitcoin and flash green, as shown in the chart below.
The demonstration comes from reducing trade tension between the United States and China and Moody and Moody’s US debt ratings. This inspired investors to move to bitcoins as a value store, leading to promotion of overall Crypto market.
Additionally, the US Dollar Index (DXY) has been on a downtrend since the beginning of November and is more than 9.84% to 99.096 from the summit of 13 January 13 of 110.17. DXY has fallen more than 2.6% in the last 10 days.
Crypto market participants often indicate an increase in participation from traditional financial firms as a reason for crypto benefits.
This week, Jamie Dimon, CEO of JP Morgan Chase, said the bank provided access to bitcoins after suspicion over years.
Large -scale small liquidity fuel price increase
Another driver of today’s rally is a wave of small liquidity that triggers a powerful miniature squeeze, as shown by the data of the coating show.
In the last 24 hours, Crypto posts have been liquidated in the Crypto market over $ 495 million, with about $ 300 million short status represents liquidation. A total of $ 173 million has also been liquidated on short BTC leveraged posts.
The largest single liquidation occurred at Bybit, where the position of BTC/USD of $ 6.36 million was liquid.
The horrors of this liquidation reflects the occurrence of November 6, where the total crypto market capitalization increased by 16% ($ 356 billion), with an increase of 16% in the same day, short leveraged posts were reduced to more than $ 426 million.
Short Sques has played an important role in increasing the current rally, especially for bitcoin, which has laid the market last $ 110,000 with its charge.
Connected: The next bear market is a $ 69k target as bitcoin ‘tired’
Total market cap bull values flag
Total – joint market capitalization of all cryptocurrency – confirmed a bull flag pattern on 20 May, when it mails the upper range of the flag in $ 3.27 trillion in the weekly time limit, with 50 simple moving average (SMA).
The total currently $ 3.5 trillion is testing the resistance level at the psychological level, as shown in the chart below.
A high amount of steps above this level may increase rapid speed on a rapid speed at the $ 3.84 trillion – 17% climb from the current level towards the technical target of the recently prevalent buzzing pattern.
The relative power index (RSI) is at 70 and has increased by 44 in the last 48 hours, indicating rapidly growing speed.
Conversely, a four -hour candlestick will push the price to test the upper range of the flag at a four -hour candlestick below the $ 3.35 trillion. Losing this support will make the faster thesis invalid, and can continue to consolidate within the flag for a few more days.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
