In Brief

  • The total crypto market cap surged by $170 billion to $3.59 trillion, targeting the $3.64 trillion resistance.
  • Bitcoin hits a new ATH of $116,868, aiming for $120,000, but faces a risk of profit-taking and pullbacks.
  • Pudgy Penguins (PENGU) jumps 40%, eyeing $0.0225 support, with further gains possible if momentum holds.
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TThe total crypto maket cap increased by $170 billion to stand at a 6-month high at the moment. Bitcoin’s rally continues with a new ATH at $116,868 formed in the last 24 hours, Pudgy Penguins (PENGU) led the altcoins with a near 40% rally today.

In the news today:-

  • Jonathan Gould, a former BitFury executive, has been confirmed as the next Chair of the OCC, potentially making national banking policy more crypto-friendly. While his appointment may open new opportunities, it could also centralize authority over crypto, a move that might have unintended consequences.
  • Elon Musk’s Grok AI sparked controversy with a series of Nazi posts, driving millions in meme coin trades. BYTE, a meme coin created by Grok, saw a 20% surge before crashing, raising concerns about the ethics of the meme coin sector and the AI industry’s influence.

The Crypto Market Grows

The total crypto market cap surged by $170 billion in the last 24 hours, reaching $3.59 trillion. This marks a 6-month high for TOTAL, as it aims to breach the $3.64 trillion resistance. If this level is successfully surpassed, it could signal continued growth in the crypto market.

Flipping the $3.64 trillion resistance into support is vital for maintaining the recent gains. Securing this level would provide stability, driving the market cap toward $3.73 trillion. This could attract more investor interest and fuel bullish momentum in the cryptocurrency sector.

Total Crypto Market Cap Analysis
Total Crypto Market Cap Analysis. Source: TradingView

However, if the crypto market faces selling pressure in the coming days, the market could experience a decline. A drop below the support level of $3.49 trillion could signal weakening sentiment, which may lead to losses in the value of crypto tokens.

Bitcoin Forms New All-Time High

Bitcoin’s price has increased by 4.7% in the last 24 hours, trading at $116,510. During the intra-day high, BTC reached a new all-time high (ATH) of $116,868. This surge highlights Bitcoin’s continued growth, supported by broader market factors. 

Support from Trump’s trade deals is being well-received by both the stock and crypto markets. This positive sentiment could drive Bitcoin to new heights. If market conditions remain stable, Bitcoin may target the $120,000 mark.

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

If Bitcoin investors decide to take profits, it could trigger a decline in the price. A drop below the $115,000 support level may push Bitcoin toward $110,000. This potential pullback could signal a shift in market sentiment.

Pudgy Penguins Soars

PENGU has surged nearly 40% in the last 24 hours, currently trading at $0.0214, just below the key resistance level of $0.0225. As the leading altcoin in terms of growth today, PENGU is capturing investor attention, signaling a strong momentum that could push the price to higher levels in the near future.

PENGU has reached a five-and-a-half-month high, and its next goal is to secure $0.0225 as support. If the meme coin successfully holds above this level, it could pave the way for further upward movement, with the next target being $0.0250. Support at $0.0225 is crucial for sustaining momentum.

PENGU Price Analysis.
PENGU Price Analysis. Source: TradingView

However, if PENGU holders decide to sell and lock in their profits, the price could decline. A fall below the $0.0180 support level would likely trigger a drop to $0.0145, potentially invalidating the current bullish outlook. This correction would suggest weakening market sentiment and could hinder further price gains.

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Arkham Arkham Explore
Moonacy Moonacy Explore

Disclaimer

In line with the Trust 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, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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