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Why is the cryptocurrency market growing today?
The total cryptocurrency market capitalization (TOTAL) is approaching the crucial resistance of $2.4 trillion, while Bitcoin remains above $65,500. Although the market has cooled after the recent rally, it is still showing bullish signs. Making the most of this is Chain shirtwhich in recent days has recorded an increase of 21%.
In today’s news:-
- THE US Senate overturned THE Safety and the Exchange Commission’s (SEC) controversial Staff Accounting Bulletin No. 121 (SAB 121) following a 60-38 vote reflecting bipartisan support against the SEC’s crypto policies.
- Solana Pump.fun meme coin dried up of $2 million after an internal attack executed by disrupting token prices by manipulating bond curves.
Total market capitalization remains strong
After the recent rally, the total market cap is cooling, while still holding above newfound support at $2.3 trillion. However, the target for the cryptocurrency market remains at $2.4 trillion, a barrier that has not been surpassed for almost a month.
In the past, this level has proven to be a crucial support and a reversal of it would allow TOTAL to recover and observe further growth.
To know more: Major Failures in the Cryptocurrency Industry: What You Need to Know
Total market capitalization analysis. Source: TradingView
On the other hand, a drop to $2.3 trillion would put TOTAL back around the $2.2 trillion mark.
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 to remain above the crucial psychological support of $65,000.
This will keep optimism alive among investors regarding potential growth in the coming trading sessions.
To know more: Bitcoin Halving History: Everything You Need to Know
If the price of Bitcoin sees selling or profit-taking, the cryptocurrency could see a decline towards $63,000 and below.
Chainlink takes the lead
Chainlink price recorded an increase, making LINK the best performing asset in the last 24 hours. However, the altcoin rally has continued in recent days. Capitalizing on bullish signals from the broader market, LINK observed 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, inching ever closer to $16.
To know more: 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 over the past day.
Disclaimer
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