The total crypto market cap (TOTAL) rose immensely over the last 24 hours as Bitcoin (BTC) formed a new all-time high at $124,474. Altcoins followed these cues, with OKB posting a 124% rise over the past day.
In the news today:-
- BitMine Immersion Technologies has sought SEC approval to expand its ATM equity offering to $20 billion, increasing its total stock sales to $24.5 billion. A portion of the proceeds will be used for Ethereum accumulation, following the initial $2 billion offering announced in July.
- Bullish, a cryptocurrency exchange backed by Peter Thiel, saw its shares soar 150% in its NYSE debut, closing at $75.3. The company raised $1.11 billion, pricing 30 million shares at $37, giving it a market value of around $9.94 billion.
The Crypto Market Jumps
The crypto market has seen a significant $130 billion increase in the last 24 hours, pushing the total market cap to $4.14 trillion. This surge is driven by growth across various sectors, reflecting positive sentiment from investors and a broader recovery in the financial market.
The recent gains stem from the favorable US CPI report, which came in below expectations, sparking optimism in the financial markets. This news has had a ripple effect on the crypto market, with more investors gaining confidence in digital assets as a hedge against inflation, contributing to the market’s rally.
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However, the chances of a market reversal remain high, and TOTAL could drop back to $4.05 trillion. If market conditions deteriorate, recent gains could be wiped out quickly. This decline would signal a shift in sentiment, potentially leading to a bearish trend across the crypto space.
Bitcoin Hits New ATH
Bitcoin’s price has continued its upward momentum, reaching a new all-time high (ATH) of $124,474 in the last 24 hours. This marks the second ATH within a month, demonstrating strong investor interest and bullish sentiment.
The Relative Strength Index (RSI) shows that Bitcoin is nearing the overbought threshold but has yet to cross it. This gives Bitcoin some room for further growth, potentially pushing the price beyond the current ATH to $126,000 or higher. A successful breakout could signal sustained bullish momentum.
On the other hand, sellers remain a significant risk to Bitcoin’s stability. If selling pressure increases, Bitcoin’s price could fall back to $122,000 or even dip to $120,000. Such a decline would invalidate the current bullish thesis, leading to potential market correction or consolidation.
OKB Posts God Candle
OKB has emerged as the best-performing altcoin of the day, surging 124% within 24 hours. The significant price increase follows the burning of 65.25 million OKB by OKX, reducing circulation and creating upward pressure on the token. This event triggered a sharp rise in OKB’s price.
The reduction in circulating supply has driven OKB’s price to $104, with the altcoin now attempting to secure $105 as support. If OKB manages to maintain this level, it could continue its upward trajectory toward an intraday high of $143, pushing the price even higher in the short term.
However, if OKB fails to secure the $105 support level, it may experience a price pullback. A decline to $77 is possible, erasing a significant portion of recent gains. Such a move would invalidate the bullish thesis, signaling a potential reversal in market sentiment.
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