The cryptocurrency market experienced a bullish trend on Thursday, with Bitcoin (BTC) and several altcoins gaining value. This resulted in a 3.1% increase in the total market capitalization. Bitcoin once again crossed the $27,000 mark, benefiting from the overall positivity in risk asset markets.
Among the top performers in the crypto market were Maker (MKR) and THORChain (RUNE).
Maker Sees Highest Price Since May 2022
Maker (MKR) witnessed a substantial increase in its value, reaching intraday highs of $1,542.90 on Coinbase. With four consecutive green candles on the daily chart, MKR recorded a 6% gain in the last 24 hours and a 16% increase in the past week. Over the last month, MKR’s price has surged by almost 48%. This rise in price was accompanied by increased on-chain activity, as the number of active addresses reached a 10-week high. If the bullish momentum continues, MKR could potentially target $2,000.
THORChain Eyes Breakout Above $2
The price of THORChain (RUNE) also demonstrated strong performance, surpassing the $1.9 mark due to increased buying pressure. Despite facing rejection at $1.98, the cryptocurrency was able to overcome the resistance around $1.74, with the 20-day EMA providing support near $1.72. If the price breaks above $2.01, there is potential for further gains, with a target price of $3. However, given the resistance and the possibility of profit-taking, a pullback to the range of $1.72 to $1.66 may occur.
Bitcoin and several altcoins experienced gains, leading to a 3.1% increase in the total market capitalization. Maker (MKR) and THORChain (RUNE) emerged as top performers, with MKR reaching its highest price since May 2022 and RUNE showing potential for a breakout above $2. Both cryptocurrencies benefited from increased on-chain activity and positive market sentiment. However, resistance levels and profit-taking could result in a temporary pullback for both MKR and RUNE.
What is Maker (MKR)?
Maker (MKR) is a decentralized autonomous organization (DAO) and cryptocurrency that operates on the Ethereum blockchain. It is designed to maintain stability in the MakerDAO system by facilitating the creation of the stablecoin Dai (DAI).
What is THORChain (RUNE)?
THORChain (RUNE) is a decentralized liquidity protocol that enables cross-chain asset swaps in a trustless and permissionless manner. It aims to provide liquidity for various blockchains and assets, allowing users to easily exchange one asset for another.
How did Bitcoin perform?
Bitcoin (BTC) regained the $27,000 level, benefiting from positive sentiment in risk asset markets. It experienced gains along with most other altcoins, contributing to the overall increase in the cryptocurrency market capitalization.
What is on-chain activity?
On-chain activity refers to the activities happening on a blockchain network, such as transactions, transfers, and interactions with smart contracts. Increased on-chain activity is often seen as a positive sign, indicating higher adoption and usage of a cryptocurrency.
What is resistance in cryptocurrency trading?
In cryptocurrency trading, resistance refers to a price level at which selling pressure is expected to be strong, causing the price to stop rising or reverse its upward trend. Traders often use resistance levels to determine potential price barriers and make trading decisions.