The total crypto market cap (TOTAL) and Bitcoin (BTC) are holding steadily around key price levels as the volatility remains at a low. Stacks (STX) is capitalizing on this momentum, rising by 15% in the last 24 hours.
In the news today:-
- A recent Citi Institute study predicts the global stablecoin market could reach up to $3.7 trillion by 2030, with a base case of $1.5 trillion. The report remains optimistic despite risks that could lead to a bearish scenario of $0.5 trillion, highlighting the potential impact on global markets.
- Polymarket’s prediction market for the next Pope saw $6.4 million in bets after a viral hoax falsely claimed the Catholic Church would excommunicate gamblers. The fake post, shared by a popular X account, condemned platforms like Polymarket for turning the papal election into a financial speculation.
The Crypto Market Nears $3 Trillion
The total crypto market cap maintained a steady position over the last 24 hours, holding above the $2.85 trillion support level. Currently trading at $2.89 trillion, the market seems to be finding stability despite minor fluctuations. This stability comes as investors await a potential breakout.
TOTAL is nearing the $3.00 trillion mark, facing resistance at $2.93 trillion. If the market manages to flip this barrier into support, further bullish momentum could follow, leading to even stronger growth.
However, a drop below the support of $2.85 trillion could result in a decline in the total crypto market cap. This could push the market lower, testing levels as low as $2.80 trillion or possibly even $2.74 trillion, invalidating the current bullish outlook.
Bitcoin Needs A Boost
Bitcoin’s price has shown minimal movement, trading at $93,397 at the time of writing. Despite low volatility over the last 24 hours, BTC has struggled to secure $93,625 as support. This lack of decisive price action leaves Bitcoin vulnerable to short-term fluctuations.
If Bitcoin can secure $93,625 as support in the coming days, it could potentially move towards $95,668. This level represents the final resistance before reaching $100,000. A successful breakthrough could ignite further bullish momentum, pushing Bitcoin toward new price levels and encouraging investor confidence.
However, if Bitcoin fails to hold above $93,625 and sees selling pressure, it could drop below key support levels. A fall through $91,581 and $89,800 would invalidate the bullish outlook, extending the current price weakness.
Stacks Hits A 2-Month High
STX emerged as the best-performing altcoin of the day, rising 15.5% to trade at $0.902. The altcoin successfully breached the $0.870 mark, indicating strong bullish momentum. This significant price move highlights investor confidence and suggests the possibility of further growth if market conditions remain favorable for STX.
With STX reaching a near two-month high, it looks set to continue its upward trajectory toward the $1.000 mark. Achieving this level would allow STX to target its next resistance at $1.088, signaling the potential for more gains. A successful break above $1.000 could reinforce STX’s bullish outlook in the near term.
However, should STX experience short-term profit-taking, a price reversal is possible. In this scenario, the altcoin could fall through the support level at $0.870 and target a decline to $0.778, potentially reaching $0.729.
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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 Conditions, Privacy Policy, and Disclaimers have been updated.
