Markets
Why is the crypto market booming today?
The total market capitalization (TOTAL) along with the price of Bitcoin (BTC) has seen recovery in the last 24 hours after the low days. At the same time, Toncoin (TON) price also shot up 16%, invalidating a crucial resistance.
In today’s news:-
- Deutsche Bank has raised concerns about Tether’s USDT, highlighting stability concerns. These concerns referred to Tether’s previous regulatory issues.
- Ripple, along with Hedera and Algorand, became a founding member of the DerRec Alliance, which aims to simplify the process of securing and recovering digital assets and other secrets.
Total market value recovers
The total value of all cryptocurrencies was vulnerable to a decline below the $2.2 trillion support. However, the changing winds in the market resulted in a TOTAL recovery of 2.85%, adding more than 114 billion dollars in one day.
Currently, the total market capitalization is $2.26 trillion, exhibiting the potential to turn $2.3 trillion and $2.4 trillion in resistance into support over the course of the month.
See more information: Cryptocurrencies vs Tokens: What’s the Difference?
Total market capitalization analysis. Source: Trading View
However, since $2.3 billion has acted as strong resistance in the past, TOTAL could potentially witness a failed breach. This would keep the total market capitalization in the sub-$2.2 trillion range.
Bitcoin advances close to US$63,000
Bitcoin price witnessed considerable growth in a single day, which was quite necessary after the cryptocurrency almost fell below $61,000. At the time of writing, BTC is trading at $62,880, approaching the $63,720 resistance.
Turning it into support would also allow a breakout of the bull flag pattern and result in a rise to $65,000 and beyond.
See more information: What happened in the last Bitcoin halving? Predictions for 2024
However, if the breach fails, Bitcoin will remain stuck at the flag, potentially falling to $61,000 or lower.
Toncoin publishes a green candle
Toncoin price action was bullish on broader market signals as the altcoin marked 16.61% growth in the 24-hour period. In doing so, TON also broke the crucial resistance marked at $6.5 to trade at $6.7 at press time.
If the rally continues, Toncoin will be able to turn the $7 resistance into support as long as it cements $6.5 as a support floor.
See more information: What are Telegram bot coins?
But if these conditions fail and TON falls below $6.5 again, the altcoin could suffer a drop to $6. This would result in the bullish thesis being invalidated.
Disclaimer
In line with the Confidence Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.