The total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) continue their upward trend, hitting new highs in the past 24 hours. PNUT follows closely behind, growing 348% in the same time frame.
The cryptocurrency market is on the rise
The total cryptocurrency market capitalization surged by more than $147 billion on Wednesday, hitting a new all-time high of $3.03 trillion. Currently, the total market capitalization has dropped slightly, trading at around $2.93 trillion, but investor sentiment remains positive.
Despite the 24-hour decline in the cryptocurrency market cap, the cryptocurrency market cap is expected to gradually climb higher as long as it can remain above the $2.90 trillion support level. Such stability will increase confidence in further market growth and maintain the current bullish trend.
However, a break below the $2.90 trillion support level could see total market capitalization fall to $2.75 trillion or lower. Such a drop could hinder further gains, raising concerns about the market’s near-term growth trajectory.
Bitcoin hits new high again
Bitcoin hit an all-time high of $93,242 during intraday trading yesterday but has since fallen to $89,899. This volatility highlights BTC’s volatility at current levels as it seeks to establish stable support.
If the bullish momentum in the broader market continues, Bitcoin could quickly rebound, aiming to retest its recent all-time highs and potentially move higher. Continued positive sentiment could push Bitcoin above this key resistance level, thereby attracting more investor interest.
However, if investors choose to book profits, Bitcoin could lose the $88,691 support level and could even fall to $85,000. Such a drop could signal a bearish trend shift, putting BTC’s recent gains at risk.
PNUT saw a sharp rise
PNUT’s price surged 348% in the past 24 hours, becoming the day’s best performing asset. The impressive rally propelled the meme coin into the top 100 cryptocurrencies, catching the market’s attention.
Currently PNUT is trading at $2.07 and if the momentum continues, its gains are expected to push the token past the all-time high of $2.50 set today. Investors are optimistic about further gains and strong demand is keeping the rally going.
However, if investors decide to lock in profits, PNUT could fall back to $1.20 or lower. Such a move could invalidate the current bullish outlook and potentially change market sentiment.
