The crypto market made history today as the total market cap rallied past $4 trillion for the first time in history. This rally came as Bitcoin (BTC) breached the $122,000 resistance for the first time in over a month, while Ethereum (ETH) and other altcoins rallied too. 

While the crypto market cap has now retraced below $4 trillion, the movement to a new all-time high comes just days after U.S President Donald Trump announced the opening of the 401(k) retirement plan to crypto. This move has sparked so much optimism across the market with cryptocurrencies set to gain mainstream adoption. 

Crypto Market Cap Records $58B Inflows 

Following an impressive weekend hold up, the total crypto market cap (TOTAL) saw inflows totaling to $58.84 billion over the last 24 hours. These inflows pushed the crypto market past the $4 trillion threshold, peaking at $4.1 trillion. This level marked a new all-time high for the crypto market as reported by WatcherGuru. 

However, the rally to this level did not last long as the total crypto market cap has now retraced to $3.93 trillion, as per data by TradingView. Nonetheless, the rally sparked immense optimism from top crypto experts and firms. Kraken, a top crypto exchange for instance, remarked; “Started from the bottom now we here,” while Ted Pillows noted; “just the start of the golden age.”

At the moment, the TOTAL has strong support around $3.83 trillion. However, failure to hold above this level could result in a deeper dive with the next support at $3.67 trillion. 

But generally, the crypto market’s trend looks bullish as indicated by the ascending trendline. In case bulls regain control after the slight retrace, the TOTAL could surge to $4 and past the new all-time high. 

Bitcoin Slows Down After Rally Past $122,000

Sunday 10 August saw Bitcoin (BTC) climb steadily from around $116,500 to above $119,000. The rally continued further on early Monday as Bitcoin broke through the ranks to above $122,000 before a wave of profit-taking slowed the rally down. According to the daily chart by TradingView, BTC is now trading at $119,549 following the slight retrace.  

Bitcoin now faces immediate resistance at $120,021. Climbing above this level again could spark continuation of the bullish momentum towards a new all-time high. However, today’s high of $122,327 could serve as a stronger resistance which has to breached for BTC to surge above its current ATH. 

On the downside, BTC has strong support around the $117,443 region. However, failure to hold above this level could mean more downfall for Bitcoin. The next support lies at $114,172. 

Ethereum Reaches $4,300

While BTC seems to be catching up to Ethereum’s rally, the top altcoin by market cap seems to be running away with the lead. As per data by TradingView, the price of ETH now sits at $4,300 as the coin also put up an impressive show on Monday. This positions the coin just $567 away from its all-time high price. 

Continued bullish momentum could push Ethereum even higher. However, the coin could face resistance around $4,401. In case this level is breached, turning $4,500 (psychological mark) could trigger a surge to the next resistance around $4,655. After this level, the price might then breach the all-time high setting a new one. 

But, failure to hold the current level means that the price will retrace. Ethereum currently has immediate support at $4,012 level. A deeper dive from this level could push the price down to the next support at $3,700 level. However, a move below $3,500 could invalidate the bullish momentum.