Markets
Why is the crypto market booming today?
The total crypto market capitalization (TOTAL) is approaching the crucial $2.4 trillion resistance while Bitcoin holds above $65,500. Although the market has cooled since the recent recovery, it still shows signs of bullishness. Making the most of it is Chain linkwhich registered an increase of 21% in recent days.
In today’s news:-
- O US Senate overthrown O Security and the controversial Staff Accounting Bulletin No.121 (SAB 121) of the Exchange Commission (SEC) following a 60-38 vote reflecting bipartisan support against the SEC’s crypto policies.
- Solana meme coin Pump.fun drained of $2 million following an insider attack executed by disrupting token listings through manipulation of security curves.
Total market capitalization remains strong
Following the recent recovery, total market capitalization is cooling but remaining above the recovered support of $2.3 trillion. However, the target for the crypto market remains at $2.4 trillion, a barrier that has not been breached for almost a month.
In the past, this level has proven to be crucial support, and a reversal from it would allow TOTAL to recover and see further growth.
See more information: Top Crypto Bankruptcies: What You Need to Know
Total market capitalization analysis. Source: Trading View
On the other hand, a drop to $2.3 billion would bring the TOTAL back to around $2.2 billion.
Bitcoin Price Shows Resilience
Bitcoin price rose to $66,000 this week in line with broader market signals. After a small correction, BTC is currently trading at $65,500 and will likely continue above the crucial psychological support of $65,000.
This will keep optimism alive among investors regarding potential growth in the coming trading sessions.
See more information: Bitcoin Halving History: Everything You Need to Know
If Bitcoin price witnesses selling or profit-taking, the crypto asset could see a decline to $63,000 or lower.
Chainlink takes the lead
Chainlink price has seen an increase, making LINK the best performing asset in the last 24 hours. However, the rise in altcoins has been happening in recent days. Taking advantage of bullish signals from the broader market, LINK has seen a 21% increase over the past three days, taking Chainlink to $15.
Currently, the altcoin is above the $15.6 resistance, trading at $15.7, approaching $16.
See more information: Chainlink (LINK) Price Prediction 2024/2025/2030
If LINK holds above this support, it could see further gains, however, a slide below the $15.6 support could result in a drop to $14.4. This would erase more than half of the growth seen in the last day.
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.