STEPN and Ethereum Classic increase crypto market cap to $1 trillion

Key Findings:

  • STEPN’s GMT shot up nearly 22% today to trade at $1.09.
  • Ethereum Classic rallied 62.5% this week alone, with 13.8% of that coming today.
  • Bitcoin and Ethereum also benefited from the broader market rally, surging to $22,000 and $1.5,000.

Cryptocurrency investors were elated today as the broader market shifted gears and neared the close above the $1 trillion mark it last visited a month ago.

As always, altcoins were the ones leading the rally today, but king coin bitcoin and altcoin king Ethereum weren’t holding back either, with both gaining 6.5% and 11.5%, respectively.

STEPN to recovery

Leading the rally alongside MATIC and other altcoins was STEPN’s native token GMT, which is up nearly 22% over the past 24 hours. This prompted the coin to turn the critical $1 resistance into support as the altcoin was trading at $1.09 at the time of writing.

Though the altcoin is still far from recouping the losses it suffered in June, when GMT dropped 52.59% in 13 days. Since then, however, the cryptocurrency is up more than 84.7% from its lows.

Once GMT closes above $1.25, it would have fully recovered in the fall.

This is supported by the Parabolic SAR and Relative Strength Index (RSI) as the former indicated an active uptrend today with the appearance of the white dot below the candle.

In addition, the RSI has also re-entered the bullish zone and this time it might stay in that zone provided the bears don’t retaliate any time soon. So if these conditions remain unchanged, GMT can reclaim $1.25 by the end of this month.

Ethereum Classic on a Rally Rally

Ethereum’s namesake and hard fork also emerged as one of the top performers of the day, fueling its growth that began five days ago.

ETC, which was down 44.88% in June, was struggling to build momentum to erase those losses until a few days ago.

Starting July 12, the altcoin started a rally and at the time of writing, ETC has risen from the lows of $13 to $22.54. That 62.5% growth brought the altcoin closer to $25, from where ETC can also start to erase May’s losses.

At the moment, price indicators tended to do the same thing when Bollinger Bands diverge, highlighting the high volatility for the cryptocurrency.

However, as the candlesticks remain above the indicator’s base, the price swings will be in favor of the bulls.

Additionally, the MACD, maintaining its bullish crossover, showed increasing upward movement, with its green bars supporting ETC’s future rise.

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