Today, the cryptocurrency market experienced a positive rebound, with a total market capitalization (TOTAL) increasing by 2% over the past 24 hours. Bitcoin (BTC) also performed strongly, rising by 3% during this period. Meanwhile, the governance token ONDO of Ondo DAO emerged as the standout token, with its price soaring by 14%.
Total hits all-time high
In the past 24 hours, the cryptocurrency market surged by over $94 billion, reaching an all-time high of $3.69 trillion in total market capitalization during Monday's Asian trading session. Although there has been a slight pullback, the market cap remains around $3.63 trillion. This surge reflects a shift in market sentiment, with renewed investor interest in digital assets.
Total's positive balance of power (BoP) further validates this shift in sentiment. So far, the value of this indicator is 0.11. The BoP indicator measures the balance of power between buyers and sellers over a specific period; a positive BOP value indicates that buyers are dominant, suggesting bullish momentum in the market and potential for price increases.
Cryptocurrency market capitalization analysis.
If this bullish momentum continues, Total's stock price is expected to break through the resistance level of $3.69 trillion, setting a new high. However, if it fails to break this level, the stock price may pull back and potentially retest the support level of $3.17 trillion.
Bitcoin breaks $105,000
Currently, Bitcoin's trading price is $105,076, up by 3% over the past 24 hours. In Monday's early session, Bitcoin briefly hit an all-time high of $106,648 before slightly retreating.
Despite a slight pullback in Bitcoin, the rise in the Chaikin Money Flow (CMF) indicates that demand for Bitcoin remains strong. At the time of writing, the CMF value is 0.20.
The CMF indicator measures the accumulation and distribution of volume over a specific period, reflecting the intensity of buying or selling pressure. In line with Bitcoin's trend, a positive CMF indicates that buying pressure dominates the market, keeping prices high and volume strong.
Bitcoin price analysis.
This indicates that the market's bullish momentum is strong, suggesting that prices may continue to rise. If this trend persists, Bitcoin is expected to break through historical highs and set new records.
On the other hand, if profit-taking occurs, prices could retreat to $94,311, invalidating the current bullish prediction.
ONDO outperforms the market
ONDO is the coin with the highest increase in the past 24 hours, rising by 15%. In Monday's early session, this governance token briefly reached an all-time high of $2.14, before experiencing a pullback. As of now, the trading price of this altcoin is $2.08.
If demand for ONDO continues to increase, it is expected to break through the resistance level of historical highs, continuing the upward trend.
ONDO price analysis.
However, if selling increases, this bullish outlook may be affected. If ONDO holders start to take profits, it could exert downward pressure on its price, leading to a retreat to $1.79.
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