Markets
Why is the crypto market booming today?
The total crypto market capitalization (TOTAL) rose above $2.3 trillion as the US Consumer Price Index (CPI) reading came in cooler than expectations. April’s core CPI came in at 3.4% year-over-year, versus expectations of 3.6% from March’s 3.8%.
Along with this Bitcoin price also rose, as did altcoins with Ghost leading the pack with a 24% increase.
In today’s news:-
- Ripple teams up with Cosmos’ Ethereum Virtual Machine (EVM)-based Evmos protocol to build an XRP Ledger sidechain. This chain will be designed to be EVM compatible.
- IOTA has launched its “Testnet 2.0” which will enable the chain migration from Proof of Work (PoW) to Proof of Stake (PoS). The goal is to improve network scalability and efficiency.
TOTAL burst
Total market capitalization has moved out of the symmetrical triangle it was in last month due to the slowdown inflation. This brought the total value of all crypto assets to $2.32 trillion, adding up to almost $140 billion in the span of a single day.
If the $2.3 support is secured, the crypto’s market cap could continue to gradually increase.
See more information: Why are Hong Kong Spot Crypto ETFs important?
Total market capitalization analysis. Source: NegotiationVIEW
However, losing the same support could result in a drop to $2.25 trillion or less.
Bitcoin Price Surpasses $65,000
The price of Bitcoin also rose along with the rest of the altcoins as the world’s largest crypto asset surpassed the $65,000 mark. BTC can be seen trading at $65,800 at the time of writing, after closing above $66,000 yesterday.
The flag pattern suggests that a 45% rise is forecast, but the practical outlook would be a breakout of $68,500 in the coming days.
See more information: Bitcoin Halving History: Everything You Need to Know
On the other hand, this rise could also trigger corrections on the part of investors, if they start to record accounting profits.
Fantom surprises the market
Among all major altcoins, Fantom’s price rise has placed it at the top of the list of best-performing assets. The altcoin is up over 24% to break the $8 barrier at press time. FTM entered the resistance box between $0.80 and $0.88.
This range has been tested as support and resistance, making it a crucial area to breach above. Turning it into support could trigger a huge rally for the cryptocurrency.
See more information: Fantom (FTM) Price Prediction 2024/2025/2030
However, the altcoin has failed in a breach in the past. If the same happens this time, Fantom price could drop to $7. Further reduction will take it to the $6.3 support floor.
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.