The total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) saw considerable growth in 24 hours, with the latter reclaiming $100K as support. Following BTC, altcoins also enjoyed a surge, with SUI topping the list of best-performing assets. The token thus surged by almost 30%.
In today's news:
Tether has minted $1 billion worth of USDT tokens, continuing its dominance in the stablecoin market amid record profits in Q3 2024. However, Binance and Circle’s new partnership could create a major challenger to Tether’s market share.
ETF analysts Eric Balchunas and James Seyffart predict that MicroStrategy could join the Nasdaq 100 before Christmas, replacing Moderna. Buoyed by Bitcoin purchases, MicroStrategy shares have soared, but NASDAQ approval is still required for inclusion.
Crypto market records sharp gains
The cryptocurrency market added $201 billion in 24 hours, bringing the TOTAL to $3.56 trillion. This increase mainly reflects a renewed interest in digital assets driven by positive market sentiment.
The strong volatility seen in crypto assets is driven by a clash between profit-taking and strong demand. Additionally, bullish macro signals contribute to the buoyant price action.
Cryptocurrency total market capitalization analysis. Source: TradingView
If the bullish momentum continues, TOTAL could move above the key resistance level of $3.64 trillion. However, failure to break this resistance could lead to a pullback, with the market potentially revisiting the support level of $3.28 trillion. These fluctuations will depend on broader investor sentiment and, more importantly, macroeconomic trends.
Bitcoin Reclaims Critical Support
Bitcoin price has climbed back above the $100,000 level, currently at $101,618. This marks a significant recovery, bringing it closer to its all-time high of $104,087. With Bitcoin showing strong momentum, traders are eyeing the potential for new highs soon.
If Bitcoin manages to break the record high of $104,087, the next logical step will be for the price to test the $100,000 level as support. Successfully holding this level would solidify Bitcoin's bullish momentum, suggesting that the king of cryptocurrencies could continue to rise in the coming weeks.
Bitcoin price analysis. Source: TradingView
However, if Bitcoin fails to hold $100,000 as support, the price could drop back to the $95,668 range. A drop below this key level could lead to consolidation as market participants reassess the broader trend.
SUI hits new record
Meanwhile, SUI price hit a new all-time high (ATH) today, hitting $4.91 during its intraday high. This marks a 28.5% increase in 24 hours, fueled by strong investor interest. The altcoin’s breakout could signal continued upward momentum if the trend holds in the coming days.
Currently, SUI has two important support levels below it at $4.37 and $3.94. These levels could act as buffers, providing the much-needed stability for the altcoin to recover. If SUI can hold these supports, it will be well-positioned to continue its bullish trajectory soon.
SUI price analysis. Source: TradingView
However, losing these support levels would likely lead to a price drop to $3.20. Such a drop would invalidate the current bullish outlook and could trigger broader market corrections. If SUI fails to regain its momentum, traders may look to other altcoins with stronger prospects.
The article Why did the crypto market rise again today, 12/12/2024? was first seen on BeInCrypto Brazil.
