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Why is the cryptocurrency market growing today?
The total market capitalization of the cryptocurrency sector (TOTAL) is between $2.2 and $2.3 trillion. Similarly, Bitcoin (BTC) price struggled to close above $63,000. however, the volatility from the market managed to push altcoins higher, with PEPE recording the highest gains of 20% in the last day.
In today’s news:-
- Switzerland’s largest bank, UBS Group AG, has disclosed its holdings in Bitcoin ETF to the Securities and Exchange Commission. The 13F filing notes that the bank holds approximately 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT).
- American President Biden ordered it to prevent Bitcoin mining company MineOne Partners from owning land. The order barred the miner from owning property near the nuclear missile base in Wyoming, citing “national significance safety risk.”
TOTAL remains delimited laterally
The total market capitalization of $2.22 trillion is likely consolidated between $2.2 and $2.3 trillion. After testing both support and resistance levels several times over the past few days, TOTAL will likely remain sideways.
An upward breakout is expected in the next few days. However, this would justify a market-wide recovery, which requires substantial upside. If that were to happen, TOTAL could be on its way to securing $2.3 trillion in support.
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Total market capitalization analysis. Source: TradingView
Otherwise, a drop below $2.2 trillion will likely take it to $2.11 trillion, which leaves TOTAL vulnerable to a drop to $2 trillion.
Bitcoin confirms the downward trend
The price of Bitcoin, which has been moving within a descending channel for the past two months, attempted a breach yesterday. However, the most significant thing that happened is that the cryptoasset moved closer to the downtrend line.
BTC is now falling at the time of writing, still delivering a 2.6% increase over the last day. Trading at $62,500 at the time of writing, the cryptocurrency aims to secure $63,000 as support for now.
To know more: Bitcoin Halving History: Everything You Need to Know
However, failed attempts could impact investor sentiment, potentially sending BTC to $61,000 or lower.
PEPE marks a new all-time high
Frog-themed meme coin PEPE emerged as the best performer of the day, posting a 20% increase. This surge has pushed PEPE to a new all-time high of $0.00001119, with the altcoin potentially securing $0.00001000 as a support base.
This marks the second time the PEPE price has hit an all-time high this year, after the previous one was recorded in mid-March.
To know more: Pepe (PEPE) Price forecast 2024/2025/2030
However, the meme coin faces a potential correction as investors may attempt to make profits by selling their holdings. This could lead to a correction, invalidating the $0.00001000 support.
Disclaimer
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