Crypto Market Cap Surges: SHIB and ETC Hit Multi-Week Highs

• Shiba Inu (SHIB) surged to a six-week high on Friday, as the global cryptocurrency market cap surged.
• Ethereum Classic (ETC) also moved higher, hitting a two-month high.
• The bullish sentiment was reflected in the 14-day RSI, which moved past a ceiling of 68.00.

Friday was a day of remarkable gains in the cryptocurrency markets as the global market cap surged amid cooling off of inflationary pressures in the United States. One of the biggest gainers was Shiba Inu (SHIB), which raced to a six-week high. The token’s intraday peak of $0.000009711 was its highest since December 5th, when it traded as high as $0.00001016. This move came as the SHIB price climbed beyond a ceiling at the $0.00000945 mark, and the 14-day relative strength index (RSI) moved past a ceiling of its own at 68.00.

Ethereum Classic (ETC) was another notable gainer on Friday, with prices moving closer to a two-month high. ETC/USD rose to a high of $21.76 earlier in the day, less than 24 hours after hitting a bottom at $20.02. This pushed the token to its strongest level since November 10th, when ETC hit a resistance of $23.00. Bulls appear to be attempting to take ethereum classic back to this point, with the RSI tracking at 67.00, which hasn’t been broken since last August.

Overall, the cryptocurrency markets were in a strong bullish mood on Friday, with many tokens hitting multi-week and multi-month highs. SHIB and ETC were among the biggest gainers, and both tokens appear to have a good chance of continuing their recent uptrends.