The dollar is down today and the crypto ecosystem is making hay.
Dollar rolling over
Today dawned fair for crypto as the dollar waned against most other assets. USDT domination looks as though it might just be rolling over as it breaches a trendline active since the previous crypto top in November 2021.
The Dollar Index, which charts the strength of the dollar against a basket of other currencies has also taken a bit of a hit and is down 2.3% over the last couple of days. When this index goes down then cryptos will probably definitely be climbing.
Bitcoin, the king of the cryptos, is up today, and is currently sitting at $17,275. If it keeps going, then perhaps it could reach a trendline that began in June 2022, and this would put it at around $19,000.
Where Bitcoin is slowly edging up, other cryptocurrencies are really starting to put on a bit of a spurt. Ethereum, the second biggest cryptocurrency by market cap, is up more than 2% this week already, and this follows a 6.7% rise from last week.
Last week’s gain took Ethereum up through a downwards sloping trendline that has been in force since November of 2021, and if this week’s price action keeps it above, then we are looking at a confirmed breakout.
Solana is the layer one blockchain that has really flown over these last couple of weeks or so. From a bottom of $8 it has climbed around 110% over just the last twelve days. $30 is the next strong level of resistance, as long as it can puncture through its own downsloping trendline from November 2021.
Looking at a slightly more exotic play, the Gala Games token $GALA is up more than 160% over the last four days and 42% currently today. Gala Games is a games studio with several play-to-earn games in its fold. Blockchain gaming is a sector that might see some huge growth over the long term.
Total market cap
The entire crypto market cap is back up to $893 billion, a $33 billion surge on the day. The market cap has met with resistance here, and it remains to be seen if this rally is more than just that, or if it is the first signs of the green shoots of a turn in the bear market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.