The total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) show signs of stability, supporting the growth of altcoins. Hedera Hashgraph (HBAR) rising 80% in the past 24 hours exemplifies this.
The cryptocurrency market hits a new high.
The total cryptocurrency market capitalization reached a high of $3.49 trillion during trading, marking a brief surge in value. However, it faced a pullback of $80 billion. This volatility highlights the ongoing fluctuations in the cryptocurrency market, with investors closely watching price movements for signs of stability.
Currently, the total market capitalization is $3.41 trillion, indicating an attempt to establish support near this level. If the cryptocurrency market can maintain this threshold, it may signal continued growth in the coming weeks. Traders and analysts will closely monitor whether the market can sustain this momentum without further declines.
Key levels to watch are the support level of $3.10 trillion. If the total market capitalization falls below this point, the recent bullish trend may be seen as reversing. A drop below $3.10 trillion could trigger a shift in investor sentiment, potentially leading to further price adjustments across the market.
Bitcoin price today: BTC is consolidating.
As of the time of writing, the price of Bitcoin is $96,175, down -0.89% from the previous day. The decline in BTC price has indeed brought some trading volume, with volume reaching $67.24 billion, soaring 62.88% from the previous day. Speaking of ETFs, Bitcoin continues to attract significant inflows, with BlackRock bringing in $338.3 million. Fidelity follows closely with an inflow of $25.1 million, and ARK with $17.2 million. On December 2, the total inflow for Bitcoin ETFs reached an astonishing $353.6 million.
The key support level for Bitcoin remains at $89,800. While the likelihood of falling below this level is low, it could signal a shift in market sentiment. If Bitcoin fails to hold the $89,800 support level, the bullish outlook for further gains may fail, potentially triggering a market correction.
The main reasons for today's rise include the following:
HBAR: HBAR has increased by 58% in the past 24 hours, reaching a high of $0.3851. This significant rise has attracted widespread attention from the market, indicating confidence in certain cryptocurrency projects.
ONDO: ONDO has also performed well, rising by 36% in the past 24 hours. Its 24-hour low and high prices were $1.154 and $1.784, respectively. ONDO's market capitalization is $2.39 billion, with a 24-hour trading volume of $693 million, showing a positive market evaluation.
Overall market trend: The cryptocurrency market shows a positive trend today, with major currencies experiencing upward momentum, which may indicate an optimistic outlook for future trends.
These dynamics indicate that interest and confidence in certain cryptocurrency projects are increasing, driving the overall market upward. However, market volatility remains, and investors need to closely monitor market dynamics for further investment opportunities or risks.