Markets
Why is the crypto market booming today?
Total market capitalization (TOTAL) is recovering from the recent rally seen by all cryptocurrencies, which took their combined value to $2.5 trillion. Bitcoin (BTC) is seeing similar price action as it trades below $70,000. PEPE, however, surprised its investors with a massive rise that established another new all-time high.
In today’s news:-
- Presidential candidate Donald Trump’s campaign became the first in history to accept donations in the form of cryptocurrencies. This aligns with the campaign’s statement of building a “crypto army.”
- Uniswap Labs responded to the Securities and Exchange Commission’s (SEC) Wells notice asking them to drop an enforcement action. Uniswap Labs stated that the SEC would have to redefine what an exchange is to have jurisdiction over Uniswap, as it does not currently fall under the existing definition.
Total market capitalization is holding strong
The total market capitalization is $2.52 billion, above the crucial support level of $2.52 billion. Optimism among investors has not yet disappeared, which is a good sign for the crypto market. A recovery of the $2.52 billion support would allow an increase to $2.61 billion, a figure that has not been breached since mid-March.
See more information: Who are Cameron and Tyler Winklevoss? A profile of the twins
Total market capitalization analysis. Source: Trading View
However, fear of profit-taking is also imminent, as investors may sell their holdings to lock in their gains. Consequently, TOTAL could suffer a blow and losing support of 2.52 billion dollars could take it to 2.4 billion dollars.
The price of Bitcoin continues to grow.
Bitcoin’s price rise has stalled over the past two days as the crypto asset failed to break the $71,800 resistance. The most likely reason is the cooldown that BTC is witnessing after the recent rally.
However, if BTC recovers from $68,500, it still has a chance to break the barrier.
The Relative Strength Index (RSI) shows that Bitcoin is still far from being overbought. The RSI is a momentum oscillator that measures the speed and change of price movements. Generally, values above 70 indicate that the asset is overbought.
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Since this is not the case, BTC may continue to rise.
But if the $68,500 support is lost, it could fall to $64,800, wiping out half of the gains seen in recent days.
PEPE reaches new historic record
PEPE price impressed meme coin enthusiasts as it reached a new all-time high (ATH) yesterday. The meme coin reached new highs of $0.00001430 after seeing a 51% increase in 48 hours.
If the rise continues, this growth could continue and PEPE could mark new ATHs.
See more information: Pepe (PEPE) Price Prediction 2024/2025/2030
However, if investors choose to take profits in this recovery, it would not be surprising to see PEPE fall to $0.00001144 or lower, towards $0.00001007.
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.