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Why is the cryptocurrency market growing today?
The total cryptocurrency market capitalization (TOTAL) performed well during the intraday highs, but collapsed soon after. The same goes for Bitcoin (BTC), which is below key support. But dogwifhat (WIF) capitalized on the earlier sentiment, noticing a huge jump in the last 24 hours.
In today’s news:-
The total market capitalization was not surprising
The total market capitalization hovers around the $2.5 trillion mark after failing to solidify it as a support base for nearly a week. The start of the day was seemingly bullish, with TOTAL almost breaking out of the support level. However, this didn’t work.
To know more: Top 9 Altcoin Trades in 2024
Cryptocurrency market capitalization analysis. Source: TradingView
Speaking on the current market sentiment, Michaël van de Poppe, co-founder and CIO of MN Trading Consultancy, told BeInCrypto exclusively,
“The current market sentiment surrounding Bitcoin is comparable to the calm before the storm. It has been consolidating between $60 and $73,000 since early March, building resistance for a big breakout. The fact that many institutions are investing in the Spot Bitcoin ETF, while governments are enthusiastically discussing potential opportunities for Bitcoin adoption (Argentina recently decided to explore a Bitcoin solution for their economy),” said van de Poppe.
He continued by saying that:
“It is further pushing Bitcoin adoption, through which the main factors 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 intrinsic market movements of cryptocurrencies are dedicated exclusively to XRP and Ethereum. If XRP wins the case (which is on the horizon)… if Ethereum goes public after the approval of the S-1 files, it suggests there will be a strong continuation over everything,” van de Poppe concluded.
The price of Bitcoin remains stable
Although Bitcoin price has fallen below the $68,500 support, it still shows bullish signals. Investors have been focusing on accumulation, which will lead to BTC reaching $70,000 again this quarter.
To know more: Bitcoin Halving History: Everything You Need to Know
However, if the delayed rally sparks investor uncertainty, selling could be a possibility. As a result, the price of Bitcoin could drop to $66,000.
Dogwifhat steals the Altcoin show
The price of WIF was an unexpected leader among the many crypto assets that could be observed rising. The meme coin rallied 20% in the past 24 hours as the altcoin broke above the $4 resistance during the intraday high.
To know more: Dogwifhat Price Prediction (WIF) 2024/2025/2030
The meme coin seems on track to breach the resistance marked at $4.2. If turned into support, this level could allow WIF price to chart a new all-time high above $4.8.
Disclaimer
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