On Monday, the total crypto market capitalization (TOTAL) reached an all-time high (ATH) of $4.03 trillion, driven by significant gains in leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), reflecting renewed optimism in the crypto space fueled by favorable regulatory developments from the US.
This upward momentum has been attributed to growing interest in cryptocurrencies, bolstered by pro-crypto regulatory measures that have enhanced market sentiment.
In contrast, Bitcoin approached its current record high of $123,000 earlier in the day but ultimately fell short of the critical $120,000 mark, which is seen as essential for entering a new price discovery phase.
Despite this, the overall market sentiment remains buoyant, particularly in light of recent executive orders from President Donald Trump aimed at fostering a more favorable environment for digital assets.
Crypto analyst Doctor Profit has weighed in on Ethereum’s performance, suggesting that breaking the $4,000 barrier signals a massive breakout from an ascending triangle pattern on the monthly chart. This pattern is considered bullish, indicating that Ethereum could continue its upward trajectory in the coming months.
Featured image from DALL-E, chart from TradingView.com
