Crypto Industry News:
The cryptocurrency industry has finally achieved its goal. It has become more valuable than the entire American banking system.
As Jim Bianco of Bianco Research noted, the total value of the cryptocurrency market surpassed the S&P Composite 1500 Banks index, which tracks the performance of publicly traded banking institutions in the US.
It is worth mentioning that the total market capitalization of all cryptocurrencies exceeded $ 2 trillion on April 5.
Bianco has attributed this milestone to altcoins, whose market share - due to recent gains - is now approaching its highest level in two years. The researcher believes that despite the huge increases, they still have plenty of room for further increase in value:
"Altcoins reached 70% of the sector in 2018 (mainly ETH). Then the bubble burst. This might suggest that altcoins aren't overkill compared to bitcoins. Either ETH / DeFi takes place in the rally. "
Despite declining dominance, Bitcoin alone is still worth more than JPMorgan Chase, Bank of America, and Wells Fargo combined.
A year ago, for comparison, the capitalization of the entire cryptocurrency market was smaller than JPMorgan, the largest bank in the US.
Technical Market Outlook:
After the ETH/USD pair had hit the 261% Fibonacci extension located at the level of $2,149, the market started to consolidate the recent gains in a narrow range. The local low was made at the level of $1,977, so it will now act as a technical support, but the recent lows were made higher at $1,999 and $2,042. The momentum is strong and positive and the market conditions are not overbought yet. The next target for bulls is located at the level of $2,200. The nearest technical support is seen at the level of $2,090.
Weekly Pivot Points:
WR3 - $2,774
WR2 - $2,442
WR1 - $2,286
Weekly Pivot - $1,965
WS1 - $1,803
WS2 - $1,504
WS3 - $1,345
Trading Recommendations:
The longer term up trend on the Ethereum continues despite the local counter-trend corrections. When the correction is terminated, the next long term target for ETH/USD is seen at the level of $2,500. The key long term technical support is seen at the level of $1,412, so only a weekly candle close below this level will invalidate the bullish scenario.
