Total Market Cap and BTC Price Show Signs of Recovery
If you’ve been keeping an eye on the crypto market, you’ll be pleased to know that there has been a recent uptick in the total market cap (TOTAL) and Bitcoin (BTC) price. After a period of bearish sentiment, the market seems to be bouncing back. Here’s what you need to know:
- Deutsche Bank recently expressed concerns about Tether’s USDT stability, citing past regulatory issues.
- Ripple, Hedera, and Algorand have joined forces to form the DerRec Alliance, aimed at simplifying the process of securing and recovering digital assets and other confidential information.
Total Market Cap Sees a Positive Turnaround
The overall value of cryptocurrencies was at risk of dipping below $2.2 trillion. Fortunately, there has been a turnaround in market sentiment, resulting in a 2.85% increase in the total market cap, adding over $114 billion in a single day.
Currently, the total market capitalization stands at $2.26 trillion, with the potential to surpass the $2.3 trillion and $2.4 trillion resistance levels to establish them as new levels of support over the coming month.
However, the $2.3 trillion mark has previously acted as a formidable barrier for the total market cap. If this resistance holds, we may see the market cap remaining below $2.2 trillion.
Bitcoin Approaching $63,000 Mark
Bitcoin’s price has experienced significant growth in a short period, a much-needed boost after nearly dropping below $61,000. As of now, BTC is trading at $62,880, inching closer to the resistance level of $63,720.
If Bitcoin manages to turn this resistance into support, it could break out from the bullish flag pattern and potentially surge to $65,000 and beyond.
Toncoin Surges with a Green Candle
Toncoin has shown positive price action following the broader market trend, witnessing a 16.61% increase in a 24-hour span. The altcoin has surpassed a crucial resistance at $6.5 and is currently trading at $6.7.
If the upward momentum continues, Toncoin could flip the $7 resistance level into a support, provided it maintains $6.5 as a solid foundation.
However, a failure to sustain above $6.5 could lead to a pullback to $6, resulting in a bearish outlook for Toncoin.
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