The total crypto market cap (TOTAL) and Bitcoin (BTC) are recovering their recent declines and making growth, with the latter looking to secure $105,000 as support. Among the altcoins, ai16z (AI16Z) emerged as the best performer rising by 31% in the span of a day.
In the news today:-
- On Tuesday, President Donald Trump pardoned Ross Ulbricht, founder of the Silk Road marketplace, ending his double life sentence. Ulbricht, 40, was convicted for running the platform that facilitated over $200 million in illegal transactions between 2011 and 2013.
- Coinbase CEO Brian Armstrong stated the exchange would delist Tether’s USDT stablecoin if required by new legislation. While Tether faced a minor setback from the EU’s MiCA law, similar US legislation could significantly impact its operations.
The Total Crypto Market Cap Gains
The total crypto market cap rose by $110 billion over the past 24 hours, now trading at $3.57 trillion. This sharp increase signals a recovery, suggesting positive market sentiment. Investors are now focused on maintaining key support levels to sustain this upward momentum in the market.
This recent surge aims to secure $3.49 trillion as a solid support floor for the market cap. If successful, the market could push toward $3.64 trillion or higher. Reclaiming this price level would mark a significant recovery from recent losses, enhancing investor confidence in the crypto market’s stability.
However, if the $3.49 trillion support fails to hold, the market could face downward pressure. A drop below this level may lead to a decline toward the $3.28 trillion support zone or even lower. Such a scenario would weaken bullish sentiment, creating uncertainty for investors in the broader crypto space.
Bitcoin Looks To Secure Support
Bitcoin’s price is currently trading at $105,711, and it is aiming to secure $105,000 as a strong support level. Holding this support could set the stage for a potential rally, allowing Bitcoin to target higher resistance levels. Investors will look closely at this price point to gauge future movements.
If Bitcoin successfully maintains the $105,000 support, it could push toward its all-time high of $109,699. This price point, just shy of $110,000, could trigger a surge in momentum. A breach of this level would solidify Bitcoin’s upward trajectory, making it an exciting time for market participants.
On the flip side, failing to secure $105,000 as support could spell trouble for Bitcoin. A drop below this level may lead the cryptocurrency to test the $100,000 support. If this happens, it would invalidate the current bullish outlook, and Bitcoin’s future performance would face increased uncertainty.
ai16z Takes The Top Spot
ai16z has emerged as the best-performing altcoin of the day, surging 31% in the last 24 hours. This impressive rally puts the cryptocurrency on track to establish $1.19 as a crucial support level. If the support holds, ai16z could aim for $1.58 in the near future.
A successful break above $1.58 could signal a recovery for ai16z, reversing recent losses. Such a move would stabilize the market and also allow the altcoin to target its all-time high of $2.46. Investors will closely monitor this resistance level to gauge its next significant move.
However, if ai16z fails to maintain $1.19 as a support floor, the altcoin might see a decline to $0.83. This would invalidate the bullish outlook and set the stage for a potential downtrend. Traders will be watching closely for signs of support or failure at key price levels.
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