The cryptocurrency market maintained its upward trend today. The total cryptocurrency market capitalization (TOTAL) increased, indicating a positive overall trend.
The price of the leading coin Bitcoin has increased during the period under review. The native token of the cryptocurrency exchange Bitget, BGB, has become the biggest gainer in the market.
Today's News:-
Grayscale has opened its Horizen Trust (HZEN) to accredited investors, marking the first time it has been available for over-the-counter trading. While Horizen recently completed its last halving and has benefited from the broader crypto bull run, its token value remains well below its 2021 peak, so a full recovery is uncertain.
According to documents from the U.S. Securities and Exchange Commission, Riot Platforms acquired 667 Bitcoins for $69 million, with an average price of $101,135 per Bitcoin. This brings the company's total holdings to 17,429 Bitcoins, valued at approximately $2 billion.
Increased trading activity
With the continued trading activity in the cryptocurrency market, TOTAL has risen by 1% in the past 24 hours. Currently, its market capitalization is $3.65 trillion, slightly below the resistance level formed by the historical high of $3.73 trillion.
The rise of TOTAL's Chaikin Money Flow (CMF) indicator confirms that liquidity continues to flow into the market. This indicator tracks how money flows in and out of assets, and as of the time of writing, it is above the zero line at 0.18.
When the CMF indicator is positive, buying pressure exceeds selling pressure, indicating that the asset is accumulating. This suggests bullish momentum as buyers have pushed prices higher during the observation period.
If buying pressure intensifies, Total's stock price will break through the resistance level of $3.73 trillion and turn it into a support level. A successful break of this key level will push it to set a new historical high.
Cryptocurrency market capitalization analysis.
However, if it fails to break through this key level, it may erase most of the recent gains and cause Total's stock price to plunge to $3.48 trillion.
Bitcoin sets a historical high
Before the close of trading on Monday, Bitcoin's price reached a historical high of $107,793. Although the price has since slightly decreased by 1.28%, the bullish inclination towards this king of currencies remains. As of the time of writing, BTC is trading at $106,488, with hopes of returning to price peaks.
The golden cross observed in the Moving Average Convergence Divergence (MACD) supports this bullish outlook. This indicator identifies changes in the strength, direction, and momentum of asset price trends.
The MACD golden cross occurs when the MACD line crosses above the signal line, indicating a potential bullish trend reversal or upward momentum. Traders typically view this crossover as a buy signal, suggesting that prices may rise accordingly.
The daily chart reading of BTC/USD shows that this crossover occurred during Monday's trading session, suggesting the possibility of continued upward movement.
If the bullish momentum is maintained, the price of BTC will return to its historical high and surpass it.
Bitcoin price analysis.
However, if a sell-off peak occurs in the market, this bullish forecast may fail, potentially leading to a drop in BTC's price to $95,211.
Bitget Token leads the altcoin market rebound.
In the past 24 hours, the value of BGB has increased by 10%, leading the market. As of the time of writing, the trading price of this altcoin is $3.59, down 2% from the historical high of $3.65 briefly traded during Tuesday's Asian session.
If prices continue to rise, BGB may return to this historical high and turn it into a support level, pushing it to set a new high.
BGB price analysis.
However, if profit-taking activity intensifies, the price of the token may drop to $2.98.
