The cryptocurrency market experienced a downturn today following a brief surge in activity during Donald Trump’s inauguration on Monday. The overall market capitalization, as measured by TOTAL, is down by 2%. Bitcoin (BTC) has fallen below the $105,000 mark, recording a 1% decline in the past 24 hours. Meme coin TRUMP has emerged as the biggest loser.
In the news today:
- Gary Gensler has stepped down as SEC Chair, and Mark Uyeda has been appointed acting replacement. President Donald Trump has named Paul Atkins the next Chair, pending Senate confirmation.
- Vitalik Buterin revealed that the Ethereum Foundation is considering staking ETH, a practice previously avoided due to regulatory concerns and potential conflicts during hard forks.
TOTAL Resumes Decline
TOTAL has dropped by 2% over the past 24 hours, signaling a widespread shift in market trends toward coin distribution. As of this writing, TOTAL sits at $3.43 trillion.
TOTAL’s Moving Average Convergence Divergence (MACD) indicator observed on a four-hour chart confirms the rise in selling pressure in the broader crypto market. At press time, TOTAL’s MACD line (blue) rests below its signal line (orange), signaling a surge in bearish sentiments.
This indicator measures an asset’s price momentum and trend direction. When the MACD line is below the signal line, it indicates bearish momentum. It suggests that the asset’s price may be trending downward or experiencing weakness.
If this downtrend continues, TOTAL could fall to $3.24 trillion. On the other hand, if the market witnesses a resurgence in buying activity, TOTAL’s value could attempt to break above the resistance at $3.64 trillion to reclaim its all-time high of $3.73 trillion.
Bitcoin Touches New All-Time High, Then Declines
Leading cryptocurrency Bitcoin (BTC) climbed to an all-time high of $109,588 during Monday’s intraday trading session. However, profit-taking has resurfaced, pushing the coin’s price downward by 1% in the past 24 hours. At press time, the king coin trades under $105,000 at $101,809.
Its negative Balance of Power (BoP) confirms the high selloffs in the BTC spot markets. At press time, this indicator’s value is -0.14.
This indicator measures the strength of buying versus selling pressure in a market, helping to identify the dominance of bulls or bears. When negative, it indicates that selling pressure outweighs buying pressure, suggesting bearish sentiment and potential downward momentum in the asset’s price.
If this trend continues, BTC’s price could fall under $100,000 to trade at $94,523. Conversely, if buying activity resumes, the coin’s price could return to its all-time high.
TRUMP Is the Market’s Biggest Loser
Donald Trump’s TRUMP saw heightened activity during the weekend. However, since the launch of the MELANIA token, it has cooled off. TRUMP’s value has dipped 40% over the past 24 hours, making it the biggest loser among the top 100 cryptos by market capitalization.
As the meme coin mania wanes, TRUMP risks more downside. If selloffs persist, the meme coin’s price could drop to $25.10.
However, if it sees a spike in accumulation, this could drive its price up to $44.83.
Disclaimer
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