What will be interesting about the price campaign of the trio BTC ETH XRP in the near future?

The cryptocurrency market as a whole is at a crucial moment. With the big altcoins stagnating, Bitcoin also peaked locally. However, the total market capitalization is developing over an interesting period of time.

Source: trade view

According to the graph, the total market cap of digital assets is just below the all-time high (ATH) of $ 2.42 trillion. This range was tested in early September and is now very close to ATH again.

It can be concluded that a surge above $ 2.42 trillion would trigger a rally as market cap could move towards $ 3 trillion. Consistent with that prediction, the following three assets are more likely to rise higher at press time.

Bitcoin, ETH and XRP hold above the moving averages

Source: trade view

Among the top 10 cryptocurrencies, only Bitcoin, ETH and XRP were able to stay above the current moving averages (MAs) in the daily timeframe. The analysis is based on the 15, 50, 100 and 200 daily MAs to estimate the support or resistance curves over the short and long term price movement.

At the time of writing, these three assets are holding positions above all moving averages, indicating a stronger rebound.

It is important to note, however, that if the downward pressure continues to weigh on the market, the trend could change over the next few days. For example, XRP is currently testing the 50 MA as a support and if it does not recover it could result in a closing price below the current moving MA.

How are assets related?

BTC-ETH volatility correlation | Source: BitOoda

In the current market situation, it is necessary to evaluate the volatility correlation in order to better understand the price. Right now, and throughout 2021, Bitcoin and ETH have a strong volatility correlation. This was evident in previous bull runs as well, but became more apparent during the recovery.

For XRP, Bitcoin has a correlation ratio of 68.7% and ETH 71% at press time. Hence, the correlations for these three assets remain high.

Given the possibility of Bitcoin trading above $ 60,000 in the near future, ETH could follow suit, hitting the $ 4,000 mark. XRP has yet to break the price range as it did not hit any strong highs during the rally from August to September.

XRP Price Chart 4 Hours | Source: Tradingview

You can see the coin prices here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page