Markets
Why is the crypto market booming today?
The total market capitalization of the crypto sector (TOTAL) has been hovering between $2.2 and $2.3 trillion. Similarly, Bitcoin (BTC) price has struggled to close above $63,000. However, the volatility of the market managed to boost altcoins, with PEPE recording the biggest gains of 20% in the last day.
In today’s news:-
- Switzerland’s largest bank, UBS Group AG, has disclosed its Bitcoin ETF holdings with the Securities and Exchange Commission. The 13F filing noted that the bank holds about 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT).
- US President Biden ordered to prevent Bitcoin mining company MineOne Partners from owning land. The order barred the miner from owning property near the nuclear missile base in Wyoming, citing “significant security risk.”
TOTAL remains limited sideways
The total market capitalization of $2.22 trillion is likely consolidated between $2.2 and $2.3 trillion. After testing support and resistance levels several times in recent days, TOTAL will likely remain sideways.
A breakout in the upward direction is expected in the coming days. However, this would guarantee a market-wide recovery, which requires substantial optimism. If that happens, TOTAL could be on track to secure $2.3 billion in support.
See more information: 7 Best Crypto Contract Trades Platforms in 2024
Total market capitalization analysis. Source: Trading View
Otherwise, a drop below $2.2 billion will likely send it to $2.11 billion, which leaves TOTAL vulnerable to a decline to $2 billion.
Bitcoin validates downtrend
Bitcoin price, which has been moving within a descending channel for the past two months, attempted a breach yesterday. However, the most significant thing that happened was that the crypto asset came close to the downtrend line.
BTC is now falling at the time of writing, still securing a 2.6% increase in the last day. Trading at $62,500 at the time of writing, the cryptocurrency is aiming to secure $63,000 as support for now.
See more information: Bitcoin Halving History: Everything You Need to Know
However, failed attempts could impact investor confidence, potentially sending BTC to $61,000 or lower.
PEPE sets new historic record
The frog-themed meme coin PEPE emerged as the best performer of the day, recording a 20% increase. This surge pushed PEPE to a new all-time high of $0.00001119, with the altcoin potentially securing $0.00001000 as floor support.
This is the second time that the PEPE price has reached an ATH this year, the previous one being recorded in mid-March.
See more information: Pepe (PEPE) Price Prediction 2024/2025/2030
However, the meme coin faces a possible correction as investors may try to book profits by selling their holdings. This could lead to a correction, invalidating the $0.00001000 support.
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.