The total market cap of cryptocurrencies (TOTAL) and Bitcoin (BTC) are recovering from their recent declines and growing, with the latter looking to secure $105,000 as support. Among altcoins, ai16z (AI16Z) emerged as the best performer as it surged 31% within a day.
In today’s news:-
- On Tuesday, US President Donald Trump pardoned Ross Ulbricht, founder of Silk Road Market, ending his double life sentence. Ulbricht, 40, was convicted of running a platform that facilitated more than $200 million in illegal transactions between 2011 and 2013.
- Brian Armstrong, CEO of Coinbase, said that the exchange will delist Tether’s USDT stablecoin if new legislation requires it. While Tether has faced a minor setback from the EU’s MiCA law, similar US legislation could significantly impact its operations.
Total market cap gains for cryptocurrencies
The total market cap of cryptocurrencies has risen by $110 billion over the past 24 hours, and is now trading at $3.57 trillion. This sharp increase indicates a recovery, indicating positive market sentiment. Investors are now focusing on maintaining key support levels to maintain this upward momentum in the market.
This latest increase aims to secure a minimum of $3.49 trillion to support market capitalization. If successful, it could push the market toward $3.64 trillion or higher. A recovery of this price level would represent a significant recovery from recent losses, boosting investors’ confidence in the stability of the cryptocurrency market.
However, if the $3.49 trillion support fails to hold, the market could face downward pressure. A drop below this level could lead to a pullback towards the support area of $3.28 trillion or lower. Such a scenario would dampen bullish sentiment, creating uncertainty for investors in the broader cryptocurrency space.
Bitcoin is looking to secure support
Bitcoin price is currently trading at $105,711, aiming to secure $105,000 as a strong support level. Holding this support could pave the way for a potential rally, allowing Bitcoin to target higher resistance levels. Investors will look closely at this price point to gauge future moves.
If Bitcoin manages to hold the $105,000 support, it could head towards an all-time high of $109,699. This price point, just under $110,000, could build momentum. A breach of this level would reinforce Bitcoin’s upward trajectory, making it an exciting time for market participants.
On the other hand, failure to secure $105,000 in support could spell trouble for Bitcoin. A drop below this level could see the cryptocurrency test the $100,000 support level. If this happens, it will invalidate the current bullish outlook, and Bitcoin’s future performance will face greater uncertainty.
ai16z takes first place
ai16z emerged as the best-performing altcoin today, rising 31% in the past 24 hours. This impressive rally puts the cryptocurrency on track to hold $1.19 as a crucial support level. If the support continues, ai16z may target $1.58 in the near future.
A successful break above $1.58 could signal ai16z recovery, reversing recent losses. Such a move would stabilize the market and also allow the altcoin to target an all-time high of $2.46. Investors will be watching this resistance level closely to gauge its next important move.
However, if ai16z fails to hold $1.19 as a support floor, the altcoin could see a drop to $0.83. This would invalidate the bullish outlook and pave the way for a potential downtrend. Traders will watch closely for signs of support or failure at key price levels.
Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
