Ethereum Breaches $3,000 as Bitcoin (BTC) Market Cap Surges to $2.85T

The past week marked the most bullish period for the market since early March, as the global crypto market cap surged to $2.85 trillion by the weekend.

Global crypto market cap approached $2.85 trillion over the past week as Bitcoin spearheaded a powerful rally in response to Donald Trump's victory in the U.S. presidential election.

After breaking through its previous all-time high, BTC soared to new heights, nearing the $80,000 mark and entering a price discovery phase.

This surge in Bitcoin's value had a domino effect on altcoins, which also saw significant gains, contributing to the overall increase in the global market valuation. Here's a closer look at some of last week's top performers.

Ethereum breached the $3,000 mark as it capitalized on last week's uptrend to reclaim multi-month highs.

Ethereum initially dropped by 2.8% on Nov. 4 but closed the week with a 27.3% gain.

Most of these gains occurred on Nov. 6, driven by Trump's election victory, with ETH surging by 12.49% to mark its largest intraday gain in three months. This set the stage for Ethereum to overcome the resistance at the upper Keltner Channel and the $3,000 mark.

ETH closed the week above $3,100, surpassing the upper channel. However, this positioning indicates an overbought region, with a potential pullback to the $2,981 support if the momentum weakens.

Moreover, the altcoin's RSI surged to 75.62, confirming the overbought condition. Yet, this positioning suggests that ETH could still have more room to grow if the bulls maintain their grip. From this level, its next major resistance stands at $3,396.

Shiba Inu soared by an impressive 21% last week, marking its most bullish weekly performance in over a month.

Despite joining the broader uptrend on Nov. 5, SHIB failed to cross the $0.00002 psychological resistance until Nov. 9, marking the first time it breached this level in nearly a month. Shiba Inu held on to this territory, closing the week at $0.00002050.

The meme coin's MACD signaled a bullish crossover on Nov. 6, indicating a buildup in positive momentum and suggesting the potential continuation of the rally. However, SHIB consolidated for two days before resuming the rally, now trading above $0.000022.

From this position, Shiba Inu's next major hurdle lies at the June peak of $0.00002622. But if a dip occurs, its immediate support lies at the 23.6% Fibonacci levels around $0.00002157, with further support at $0.00002055, and last at $0.00002.

While altcoins are yet to reach their peak values, Sui (SUI), the native token of the layer-1 blockchain, joined Bitcoin in setting a new record, recently notching a new all-time high of $3.14, surpassing its previous peak of $2.36.

Sui shot up by a massive 20% on Nov. 9 to knock at the $3 price territory for the first time since its launch. As the new week began, SUI finally crossed the $3 mark, claiming a $3.14 all-time peak before pulling back slightly to the $3.1 level.

The asset has followed an upward trajectory since last week, consistently registering higher lows. Its Stochastic Momentum Index rose to 79.1, indicating that Sui is approaching overbought levels.

Investors should keep an eye on the $2.75 support in the event of a pullback.

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