Uma (UMA), OMG Network (OMG) and Ocean Protocol (OCEAN) price analysis as total cryptocurrency market value exceeds $1 trillion

By: Michael Harris
Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to… read more.
on Jan 7, 2021
  • The market capitalization of the crypto market soared by over 35% to $1.048 trillion
  • Bitcoin’s (BTC) impressive bullish run is paving the way for altcoins to follow higher
  • UMA, OMG, and OCEAN prices are all trading higher in January

The total value of all cryptocurrencies has exceeded the $1 trillion threshold Wednesday, according to the TradingView data. 

Fundamental analysis: Bitcoin leads the way 

In less than a week, the market capitalization of the crypto market soared by over 35% to $1.048 trillion. Bitcoin’s (BTC) impressive bullish run is paving the way for altcoins to follow higher. 

Total crypto market cap (TradingView)

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“The $1 trillion mark cements cryptocurrency as a investable asset class that no longer sits on the fringes of Traditional Finance as a toy for retail investors. It demonstrates that this asset class is large enough to absorb large orders like we’ve seen recently with the slew of institutions entering over the last few months,” said Jack Purdy, decentralized finance analyst at Messari.

Bitcoin price received another major boost yesterday when analysts from JPMorgan said that the world’s largest digital asset could eventually reach $146,000 per coin as it attempts to establish itself as digital gold. 

“A trillion dollar market cap is a big milestone for crypto, especially considering it was below $200 billion less than a year ago. But crypto’s total market cap is still only a fraction of gold, equities, and many other assets,” said Nate Maddrey, research analyst at Coin Metrics.

Technical analysis: New Year opened in style

Uma (UMA) price has followed Bitcoin and other top altcoins higher as buyers work to record the seventh straight daily session of gains. The coin is up about 40% since the beginning of the month already as bulls continue to lay the groundwork for the return above the $20 mark.

Uma daily chart (TradingView)

OMG Network (OMG) belongs to the group of altcoins that are trying to reverse December losses in January. The digital asset fell 37.27% in December to continues its bearish form that has started in September. However, the recovery phase has started as buyers aim for their target at $4.40.

OMG daily chart (TradingView)

Ocean (OCEAN) price is trading about 50% higher in January. As seen in the chart, the price action has stopped at $0.50, where the descending trend line is currently located. A push above this trend line would unlock about 30% of upside as buyers’ next target is $0.65.

OCEAN daily chart (TradingView)

Summary

Since the beginning of January, the market capitalization of the crypto market rose by over 35% to $1.048 trillion as Bitcoin continues to lead the way higher. 

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