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The total crypto market cap (TOTAL) is continuing its gradual uptick, adding $38 billion over the last 24 hours. Bitcoin (BTC) is following the same pattern, looking to secure its rise above the $86,800 support level. Among the altcoins, Cronos (CRO) emerged as the best performer, rising by 30% over the last 24 hours.
In the news today:-
- The Dogecoin Foundation has established an “Official Dogecoin Reserve” with an initial purchase of $1.8 million in Dogecoin. This initiative, part of a partnership with House of Doge, aims to demonstrate Dogecoin’s potential for efficient transactions.
- Trump Media and Crypto.com have announced a partnership to launch ETFs based on Cronos, Bitcoin, and other assets, pending SEC approval. The agreement is non-binding, and regulatory approval is still required for the ETFs to move forward.
The Crypto Market Continues Its Growth
The total crypto market cap surged by $38 billion in the last 24 hours, reaching $2.80 trillion. This increase allowed TOTAL to break above the $2.75 trillion resistance, now testing it as support. This positive momentum could potentially lead to further gains in the coming days.
The next significant resistance for TOTAL is at $2.93 trillion. If this level is breached, it will require sustained momentum to push the market cap toward the $3.00 trillion mark.
However, if the market experiences a downturn, TOTAL may fall below the support level of $2.75 trillion. A decline through this support could push the crypto market cap down to $2.61 trillion, erasing much of the recent gains.
Bitcoin Price Pursues Recovery
Bitcoin’s price has shown resilience in its recovery from recent losses, maintaining a gradual uptrend. As of writing, BTC is trading at $86,854, signaling continued strength in the market. This positive momentum could allow Bitcoin to further stabilize and rise.
The recovery has allowed Bitcoin to flip the $86,822 level into support, creating a solid foundation for further gains. With this support in place, BTC is positioned to break through the $89,800 barrier. A successful move past this resistance could lead to an extended rally for the cryptocurrency.
On the other hand, if impatient investors decide to sell their holdings for short-term profits, Bitcoin could lose its support at $86,822. A drop below this level could lead to further declines, potentially falling through $85,000 and to $82,761.
Cronos Skyrockets Following Trump Partnership
CRO has surged nearly 30% in the last 24 hours, currently trading at $0.103. This rally was fueled by Crypto.com’s partnership with Trump Media to launch new ETFs based on crypto assets. The positive news surrounding the initiative has boosted investor sentiment and sparked increased demand for CRO.
The excitement surrounding the potential CRO ETF has pushed the altcoin to a month-and-a-half high. CRO is now aiming to breach the $0.108 resistance level, which would continue its upward momentum. If the altcoin successfully clears this barrier, it may see further price gains in the short term.
However, if short-term investors begin to make profits, CROs could face selling pressure. A drop below $0.100 would signal weakness, sending the price toward $0.094. This would invalidate the bullish outlook, highlighting the importance of maintaining upward momentum in the coming days.
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.
