Market experiences slight uptick as crypto expert analyzes major altcoins

Exciting news from FxPro senior market analyst Alex Kuptsikevich! The crypto market has been buzzing, with a recent surge in market cap after a period of stagnation.

All eyes are on Ethereum (ETH) today, with a 2.6% increase reaching $2,977.88. Its market cap has also seen a healthy growth of 2.64% to over $357 billion, securing its position as the second-largest cryptocurrency.

Kuptsikevich’s analysis sheds light on Ethereum’s current challenges, pointing out the consolidation phase and a concerning “death cross” under the 200-day average. The market’s short-term optimism clashes with the analyst’s long-term caution, showcasing the unpredictable nature of crypto predictions.

Not to be outdone, Cardano (ADA) has also seen a positive 2.43% price increase to $0.4461, with its market cap following suit. Despite its top 10 status, ADA’s cautious trading pattern signals a touch of uncertainty, echoing Ethereum’s journey.

LTC enthusiasts can rejoice as Litecoin (LTC) climbs by 1.81% to $80.98, with its market cap edging up by 1.82%. However, as the 19th largest crypto, LTC faces challenges in reclaiming bullish momentum, as noted by Kuptsikevich.

XRP is navigating at $0.50, dealing with the aftermath of losing crucial support in April.

According to Kuptsikevich, the break below a significant support line spells trouble for XRP, with a potential retracement to long-term support levels. The slight price increase of 1.57% may be a glimmer of hope, but challenges lie ahead for the 7th largest crypto.

On a brighter note, Solana (SOL) is shining with potential, as hinted by Merkle Tree Capital’s projections reaching $400 by November 2024.

SOL has experienced a notable surge lately, with a 7.54% price increase to $152.76 and a corresponding market cap increase. Climbing to the fifth spot among cryptocurrencies, SOL’s future looks promising.

Exciting times ahead for these cryptocurrencies based on short-term data from CoinMarketCap. But remember, the long-term journey may hold surprises as per Kuptsikevich’s insights!