Markets
Why is the crypto market booming today?
Total crypto market capitalization (TOTAL) performed well during intraday highs but fell shortly after. The same happened with Bitcoin (BTC), which is below key support. But dogwifhat (WIF) capitalized on the previous sentiment, seeing a big jump in the last 24 hours.
In today’s news:-
The total market value was not surprising
Total market capitalization is hovering around the $2.5 trillion mark after failing to cement it as a floor of support for nearly a week. The start of the day was apparently bullish, with TOTAL almost breaking through the support floor. However, this didn’t catch on.
See more information: 9 Best Altcoin Exchanges in 2024
Crypto market value analysis. Source: Trading View
Speaking about current market sentiment, Michaël van de Poppe, co-founder and CIO of MN Trading Consultancy, exclusively told BeInCrypto:
“Current market sentiment around Bitcoin is comparable to the calm before the storm. It has been consolidating between $60 and 73K since early March, increasing resistance for a major advance. The fact that many institutions are investing in the Spot Bitcoin ETF while governments eagerly discuss potential Bitcoin adoption opportunities (Argentina recently decided to investigate a Bitcoin solution for its economy),” said van de Poppe.
He went on to say that:
“This is further driving Bitcoin adoption, whereby the main drivers for Bitcoin price action are based on the macroeconomic playing field with a weakening US dollar, while China and other countries are accumulating more gold… The Crypto-intrinsic market movements are exclusively dedicated to XRP and Ethereum. If XRP wins the lawsuit (which is on the horizon)…if Ethereum is listed on exchanges after the S-1 filings are approved, that suggests there will be a strong follow-through happening across the board,” van de Poppe concluded.
Bitcoin price remains stable
Although Bitcoin price has fallen below the $68,500 support, it is still showing bullish signs. Investors have been focusing on accumulation, which will see BTC reach $70,000 again this quarter.
See more information: Bitcoin Halving History: Everything You Need to Know
However, if the delayed increase triggers investor uncertainty, a sale could be in the cards. As a result, the price of Bitcoin could fall to $66,000.
Dogwifhat steals the Altcoin show
WIF price was an unexpected leader among the many crypto assets that could see a rise. The meme coin marked a 20% surge in the last 24 hours as the altcoin broke $4 resistance during the intraday rally.
See more information: Dogwifhat (WIF) Price Prediction 2024/2025/2030
The meme coin appears to be on track to break the resistance marked at $4.2. If turned into support, this level could allow WIF price to chart a new ATH beyond $4.8.
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.