Why Is The Crypto Market Up Today?
The total market cap (TOTAL) along with Bitcoin (BTC) price observed recovery in the last 24 hours after the bearish few days. At the same time, Toncoin’s (TON) price also shot up by 16%, invalidating a crucial resistance.
In the news today:-
- Deutsche Bank Raised Concerns About Tether’s USDT, highlighting stability concerns. These concerns were in reference to Tether’s past regulatory issues.
- Ripple, along with Hedera and Algorand, has become a founding member of the DerRec Alliance, which aims to simplify the process of securing and recovering digital assets and other secrets.
Total Market Cap Recovers
The total value of all cryptocurrencies was vulnerable to a decline below the support of $2.2 trillion. However, changing winds across the market resulted in a TOTAL recovery of 2.85%, adding more than $114 billion in a day.
At present, the total market capitalization is at $2.26 trillion, exhibiting the potential to flip $2.3 trillion and $2.4 trillion in resistance into support over the month.
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Total Market Cap Analysis. Source: TradingView However, since $2.3 trillion has acted as a strong resistance in the past, TOTAL could potentially witness a failed breach. This would keep the total market cap within the sub $2.2 trillion range.
Bitcoin Inches Close to $63,000
Bitcoin’s price witnessed considerable growth in a single day, which was rather necessary after the cryptocurrency nearly fell below $61,000. At the time of writing, BTC is trading at $62,880, nearing the resistance at $63,720.
Flipping it into support would also enable a breakout from the bullish flag pattern and result in a rise to $65,000 and beyond.
Read More: What Happened at the Last Bitcoin Halving? Predictions for 2024
Bitcoin Price Analysis. Source: TradingView However, if the breach fails, Bitcoin would remain stuck in the flag, potentially falling back to $61,000 or below.
Toncoin Posts a Green Candle
Toncoin’s price action was on the rise with the broader market cues as the altcoin marked a 16.61% growth in the span of 24 hours. In doing so, TON also breached through the crucial resistance marked at $6.5 to trade at $6.7 at the moment.
If the rally continues, Toncoin would be able to flip the resistance at $7 into support, provided it cements $6.5 as a support floor.
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Toncoin Price Analysis. Source: TradingView But if these conditions fail and TON falls below $6.5 again, the altcoin could note a drawdown to $6. This would result in the invalidation of the bullish thesis.
