Why is Crypto Up Today? ETH Upgrade & Meme Frenzy Set Stage for BTC to Rally Towards $60K

Cryptocurrency prices burst higher across the board yesterday, with the total crypto market capitalization rallying over 6% to $2.22 trillion. Bitcoin led the charge by breaking year-long resistance to trade near $57,000.

Meanwhile, altcoins from Ethereum to meme token PEPE followed BTC’s momentum. The surge appears fueled by bullish technical setups forming as well as strengthening crypto fundamentals.

TLDR

• The total crypto market cap (TOTALCAP) broke out above resistance at $2.15 trillion, pointing to potential further upside
• Bitcoin price is approaching the $60,000 resistance level which is the final barrier before setting new all-time highs
• Meme token PEPE broke out from a 290-day descending resistance trendline and jumped 35%, signaling renewed interest
• Upgrades to the Ethereum network, increasing institutional investment, and bullish sentiment are driving crypto market gains
• Bitcoin mining stocks like Marathon Digital and Riot Platforms rallied 17-22% as BTC price bounced back above $53,000

Analysis shows the total crypto market cap (TOTALCAP) decisively broke out above the 0.618 Fibonacci retracement level at $2.15 trillion on the weekly chart. This resistance area had capped several rally attempts since last November.

Bulls now have open air towards the next target at $2.4 trillion about 16% higher. The move comes alongside successive weekly closes trending upwards over the past month.

Still, the TOTALCAP remains 35% below its all-time high near $3 trillion from last November. So analysts say crypto still has plenty of room left to run before last year’s euphoric peak enters sight. Ongoing adoption by retail and institutions plus last week’s $598 million capital inflow provides tailwinds.

Bitcoin powered over 11% higher to notch a 2024 high around $57,000. BTC has since cooled off to trade near $56,400 but is up 32% in February so far by consolidating at higher support levels. The largest crypto is now approaching the final remaining horizontal resistance at $60,000 before its rally can target new all-time highs beyond $69,000 potentially this year.

The altcoin scene also flashed green, led by Ethereum gearing up for a major network upgrade called Shanghai in March which promises to improve scalability and reduce transaction fees.

The hype buoyed ETH prices nearly 9% higher while layer 1 blockchain NEAR rose over 21%.

But the most eye-popping breakout came from meme coin Pepe (PEPE), which burst 35% higher in a day. PEPE broke from a descending trendline that had suppressed its price for 290 days until the meme frenzy finally overpowered bearish forces.

Bitcoin miners were among the biggest beneficiaries as BTC’s surge past $53,000 sparked speculation of a renewed crypto bull market. Miners generate more revenue and profits as Bitcoin prices climb.

Marathon Digital and Riot Platforms each gained over 17% at Monday’s close with their share prices highly correlated to Bitcoin swings.

Meanwhile, crypto exchange Coinbase jumped nearly 17% to start the trading week as investors anticipate trading volumes to keep rising if the newfound risk appetite persists.

The convergence of positive technical and fundamental drivers shows the crypto market’s underlying strength. Participants now debate whether crypto can sustain this newly bullish bias as optimism returns.

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