The cryptocurrency market continued its upward trend today, with the total market capitalization (TOTAL) up 1% in the past 24 hours. Bitcoin (BTC) also gained 1% in the same period. The strongest performer was Algorand, which rose 18%.
Today's news in brief:
Former Binance senior employee whistleblower lawsuit: Former Binance senior employee Amrita Srivastava has filed a whistleblower lawsuit in the UK, alleging that a colleague solicited bribes from customers for preferential treatment. Srivastava worked on the Binance Link platform and she claims she was wrongfully fired for reporting misconduct.
Vancouver Mayor Proposes Bitcoin Reserve: Vancouver Mayor Ken Sim has proposed setting up a Bitcoin reserve as part of the city's diversified fiscal strategy. The mayor plans to formally introduce the motion on December 11.
Cryptocurrency market activity continues to grow
The cryptocurrency market continues to maintain its upward momentum, gaining 1% in the past 24 hours. Currently, the total market capitalization is $3.26 trillion, close to the upper limit of the trending horizontal channel over the past week.
When the price of an asset fluctuates between the support level (lower limit) and the resistance level (upper limit) for a certain period of time, a horizontal channel is formed. In this channel, the upper limit represents the resistance level, and the selling pressure limits the further rise of the price; the lower limit represents the support level, and the buying pressure prevents the price from falling.
Currently, the total market capitalization of the cryptocurrency market faces resistance at $3.30 trillion and support at $3.03 trillion. If the market continues to maintain buying pressure and breaks through the current resistance level, it may re-challenge the historical high of $3.34 trillion.
Cryptocurrency market capitalization analysis.
However, if the market sentiment turns bearish again, it could cause the Dow Jones to fall back to the $3.03 trillion support level. If this support fails to hold, the index could slide further to $2.99 trillion.
Bitcoin is expected to return to its all-time high
Currently, Bitcoin is trading at $96,207, up 1% over the past 24 hours. At this price level, Bitcoin is still 3% away from its all-time high of $99,588 set seven days ago.
Bitcoin’s demand continues to grow, as reflected by the positive value of its Balance of Power (BoP) indicator, suggesting that Bitcoin has the potential to breakout above current price levels in the near term. At press time, BTC’s BoP value is 0.38.
The BoP indicator measures the power of buyers and sellers by comparing price movements over a certain period of time. When the BoP is positive, it means that buyers are dominant, suggesting that the market has upside potential.
If the uptrend continues, BTC is expected to break through its all-time high and challenge the psychological barrier of $100,000 for further rebound.
Bitcoin price analysis.
On the other hand, if the market turns bearish, the coin’s price could drop back to $88,762.
Algorand hits two-year high
In early Asian trading on Friday, the price of Algorand soared to $0.35, a two-year high. Although it has since fallen back slightly, ALGO still maintains its highest level since 2022. In the past 24 hours, the price of ALGO has risen by 18%, and the trading volume has also increased significantly, nearly doubling.
It is worth noting that the ALGO Foundation will host an India summit next week, which may further increase the market's attention to the token. If the upward trend continues, ALGO is expected to break through $0.35 and approach $0.45.
Algorand Price Analysis.
On the other hand, if buyer interest weakens, the price of ALGO could fall back to $0.31.