Markets
Why is the market up today?
Total crypto market cap (TOTAL) and Bitcoin (BTC) price are currently subdued due to bearish macro conditions. The recent approval of Ethereum spot registrations and the FIT21 crypto regulatory framework bill has not yet had a bullish impact on the market.
However, a small-cap token, JasmyCoin (JASMY), impressed investors with a 31% increase in 24 hours.
In today’s news:-
- Justin Sun publicly defends a US presidential candidate who endorses cryptocurrencies. He tweeted that it is imperative to demonstrate to the candidate that the cryptocurrency community and corporate voices must be heard and interests protected.
- Former US president and candidate Donald Trump promises to free the founder of the Silkroad website, Ross Ulbricht. Trump noted that Ulbricht would be pardoned on day one if he were reelected.
The full increase in market value is on pause
The total value of the crypto market is currently at $2.5 trillion, hovering around that level for nearly a week. TOTAL managed to break through this barrier, but soon after fell below the level. Amid pessimistic macro market conditions, the surge expected to take the total market capitalization beyond $2.61 trillion has become a sideways movement.
This will continue in the coming days until the market witnesses a resurgence in optimism.
See more information: 9 Best Altcoin Exchanges in 2024
Full analysis of crypto market value. Source: Trading View
But if bearish signals dominate the market, a drop to $2.40 trillion cannot be ruled out. This could also wipe out a portion of inventors’ earnings.
Bitcoin Price Holds Crucial Support
Bitcoin price is trading at $68,571 at the time of writing after failing to break the $71,800 resistance. Holding support at $70,000 or bouncing back would have allowed BTC to continue rising, but that didn’t happen either.
As a result, the crypto asset is currently above the $68,500 support floor that BTC has tested several times.
See more information: Bitcoin Halving History: Everything You Need to Know
A drop below this support could lead to a significant drawdown, which could drag the Bitcoin price down to $64,800.
JasmyCoin gains prominence
JasmyCoin, the native cryptographic token of Tokyo-based IoT company Jasmy Corporation, took advantage of the little optimism left in the market. The altcoin outperformed all other major altcoins to emerge as the best performer in the last 24 hours.
JASMY marked a 30% rally, taking the crypto asset from $0.021 to $0.027 and, as a result, reaching a two-year high.
See more information: What is JasmyCoin (JASMY)?
While the all-time high is far away, the next major support is also far away. Therefore, if investors do not sustain this increase, the chances of achieving it could disappear, with JASMY falling towards the crucial support at $0.024.
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.