See More

In Brief

  • The total crypto market cap has been moving sideways, hovering under the $2.50 trillion mark for a week now.
  • Bitcoin’s price has also paused its rally after failing to breach $71,800; it is currently trading at $68,500.
  • Interestingly, this did not stop a Tokyo-based IoT company’s native crypto token, JasmyCoin, from rising 30%.
  • promo

The total crypto market cap (TOTAL) and Bitcoin’s (BTC) price are currently subdued owing to bearish macro conditions. The recent approval of spot Ethereum filings and the crypto regulatory framework bill FIT21 have had no bullish impact on the market yet. 

Nevertheless, a small-cap token, JasmyCoin (JASMY), did impress investors with a 31% rise in 24 hours.

In the news today:-

  • Justin Sun publicly advocates for a US presidential candidate who endorses cryptocurrencies. He tweeted that it’s imperative to demonstrate to the candidate that the cryptocurrency community and companies’ voices should be heard and interests protected.
  • Former US President and candidate Donald Trump vows to release the founder of the website Silkroad, Ross Ulbricht. Trump noted that Ulbricht would be pardoned on the first day if re-elected.

The Total Market Cap Rise Is on Pause

The total crypto market cap is currently at $2.5 trillion, hovering around this level for almost a week. TOTAL managed to breach this barrier but fell soon after below the level. Amid the bearish macro market conditions, the rise expected to take the total market cap beyond $2.61 trillion has become a sideways movement.

This will continue in the coming days until the market witnesses a resurgence in optimism.

Read More: 9 Best Altcoin Exchanges In 2024

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

But if bearish cues dominate the market, a drop to $2.40 trillion cannot be ruled out. This could also wipe out a chunk of inventors’ gains.

Bitcoin’s Price Holds at Crucial Support

Bitcoin’s price is trading at $68,571 at the time of writing after failing to breach the resistance at $71,800. Holding the support at $70,000 or bouncing off it would have enabled BTC to continue rising, but this did not transpire either.

As a result, the crypto asset is currently holding above the $68,500 support floor that BTC has tested multiple times.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

A fall below this support could lead to a significant drawdown, which could drag Bitcoin’s price down to $64,800.

JasmyCoin Takes the Spotlight

JasmyCoin, the native crypto token of a Tokyo-based IoT company, Jasmy Corporation, leveraged the little bullishness still in the market. The altcoin surpassed every other major altcoin to emerge as the best performer in the last 24 hours.

JASMY marked a 30% rally, bringing the crypto asset up from $0.021 to $0.027 and reaching a two-year high as a result. 

Read More: What Is JasmyCoin (JASMY)?

JasmyCoin Price Analysis.
JasmyCoin Price Analysis. Source: TradingView

While the all-time high is far away, the next major support is also far away. Thus, if investors do not sustain this rise, the chances of reaching it could vanish, with JASMY falling to the crucial support of $0.024.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

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.

Frame-2t314.png
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...
READ FULL BIO
Sponsored
Sponsored