With Bitcoin (BTC) aiming to hit a new peak, the crypto market cap has reached $300 billion.
The crypto market cap has gradually increased over the past month from $218.4 billion to $303.1 billion. Since the beginning of 2020, the total crypto market cap has leapt 65.92 percent.
Earlier this week, crypto enthusiast Michaël van de Poppe highlighted the importance of the $300 billion market cap.
Van de Poppe said:
“The chart is showing a clear support/resistance flip at $245 billion, after which the market capitalization continued to rally upwards. The next target area is found at $285 billion and $300 billion…This gives the impression that continuation towards $300 billion is warranted, which would then be tested as the next resistance level.”
When asked about his forecast after the market cap exceeds $300 billion, Van de Poppe said:
“I do believe that the market has found the bottom, as the market made a higher low in Q4 of 2019 and is now pacing up for a new higher high. It’s also likely that altcoins will start to outperform Bitcoin in the coming period, as altcoins perform the best when Bitcoin moves up at a calm pace. This should mean that Bitcoin dominance starts to drop more.”
Meanwhile, the BTC’s dominance rate has dropped from 68 percent to 62 percent since the beginning of 2020.
BTC traders are trying to push the BTC price above its resistance of $10,300 to $10,400. After rising to $10,450, traders’ three attempts to push it above this level failed at the overhead trendline of the ascending wedge pattern.
BTC Upgraded to “A-” By Weiss Ratings
Most importantly, the flagship cryptocurrency has been upgraded to “A-” by Weiss Ratings on bullish performance.
Weiss said on its twitter account:
“The Weiss Crypto Rating for #BTC is now A- (excellent), thanks to improving fundamentals and positive price action ahead of Bitcoin’s next halving.”