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STEPN and Ethereum Classic Boost Crypto Market Cap to $1 Trillion

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·2 min read
In this article:
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Key Insights:

  • STEPN’s GMT shot up by almost 22% today to trade at $1.09.

  • Ethereum Classic rallied by 62.5% in this week alone, with 13.8% of it coming today.

  • Bitcoin and Ethereum also benefitted from the broader market rally, rising to $22k and $1.5k.

Investors of cryptocurrencies were elated today as the broader market shifted gears and inched closer to closing above the $1 trillion mark that it last visited a month ago.

As always, altcoins were the ones to lead the rally today, but the king coin Bitcoin and altcoin king Ethereum did not hold back either, with both of them rallying by 6.5% and 11.5%, respectively.

STEPN Into Recovery

Leading the rally along with MATIC and other altcoins was STEPN’s native token GMT, which gained almost 22% in the last 24 hours. This pushed the coin to flip the critical resistance of $1 into support as the altcoin traded at $1.09 at the time of writing.

Although the altcoin is still far away from recovering the losses it witnessed in June when GMT sunk by 52.59% in the span of 13 days. However, the cryptocurrency has risen by more than 84.7% from its lows since then.

Once GMT closes above $1.25, it would have completely recovered the fall of June.

Supporting the same are the Parabolic SAR and Relative Strenght Index (RSI), as the former indicated an active uptrend today with the appearance of the white dot below the candlestick.

Additionally, the RSI also entered the bullish zone once again and could sustain itself in this area this time, provided the bears do not reciprocate any time soon. Thus, if these conditions remain unchanged, GMT will be able to reclaim $1.25 by the end of this month.

Ethereum Classic on a Rally Rally

The Ethereum namesake and hard fork also emerged as one of the best performers of the day, furthering its growth that began five days ago.

ETC, which noted a 44.88% decline in the month of June, struggled to create momentum for recovering said losses until a few days ago.

Starting July 12, the altcoin initiated a rally, and at the time of writing ETC rose from the lows of $13 to trade at $22.54. This 62.5% growth pushed the altcoin closer to $25, from where ETC will be able to begin recovering the May losses as well.

At the moment, price indicators leaned in favor of the same occurring with the Bollinger Bands diverging highlighting high volatility for the cryptocurrency.

However, with the candlesticks remaining above the basis of the indicator, the price swings will be in favor of the bulls.

Furthermore, the MACD maintaining its bullish crossover, exhibited rising bullishness with its green bars supporting ETC’s rise in the future.

This article was originally posted on FX Empire

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