The total cryptocurrency market cap continues to rise, with Bitcoin (BTC) hitting a new all-time high today (22). The FTX (FTT) token emerged as the day’s best performer, jumping 41%.
In today's news:
During Friday’s early trading session, Solana (SOL) reached a new all-time high (ATH) trading around $262, surpassing its previous record set in November 2021.
Defunct cryptocurrency exchange FTX has revealed that its court-approved reorganization plan will take effect in January 2025. Next month, the exchange’s debtors will finalize agreements with distributors to facilitate refunds for former users, especially those based overseas.
“Extreme Greed” Drives Market
The cryptocurrency market continues to be on an uptrend, with the total market cap up 4% in 24 hours. During today’s early trading session, the overall market cap briefly rose to an all-time high of $3.27 trillion before witnessing a slight pullback. At press time, it stood at $3.24 trillion.
While this high market cap signals high trading activity, readings from the Crypto Fear and Greed Index suggest the possibility of a pullback in the near term. In this regard, the index is at 94, signaling extreme greed in the market.
Typically, when the market is in a state of extreme greed, it reflects highly positive sentiment, with investors showing significant optimism and willingness to take risks. However, historically, these high levels can indicate potential overheating, as markets may be approaching a local top or a period of correction.
If the bullish momentum subsides, TOTALCAP could drop to the support at $2.93 trillion. A break of this support level will trigger a further decline towards $2.66 trillion.
TOTALCAP Chart on TradingView
However, if the current uptrend persists, TOTALCAP will reclaim its all-time high of $3.27 trillion and attempt to reach new highs in the near term.
Bitcoin is 1% below the $100K mark
Bitcoin, currently trading at $99,395, has seen a 2% price growth in 24 hours. The daily chart assessment of the BTC/USD pair reflects the sustained bullish bias towards the cryptocurrency. In this regard, the price was above the green line of its Super Trend indicator.
As in the case of BTC, buyers are in control when the Super Trend line turns green and appears below the price. The green line acts as a support floor where the price can witness an increase in buying pressure and a recovery after a dip. For BTC, this is currently at $87,979.
Bitcoin (BTC) Chart on TradingView
If the uptrend continues, Bitcoin will hit the long-awaited $100,000 price mark and break above it. On the other hand, if profit-taking activity increases, the cryptocurrency could drop to $88,630, its next major support.
FTT leads the market
FTT has jumped nearly 41% in 24 hours, becoming the best-performing altcoin among the top 100. The asset is trading at $2.76, slightly above the support formed at $2.72.
The token’s double-digit rally was accompanied by a 218% increase in trading volume. When an increase in trading volume accompanies a price increase, it indicates strong market interest and momentum behind the move, suggesting that the price action is supported by significant trader participation.
FTT Chart on TradingView
If the buying momentum holds, the price could reclaim its seven-day high of $3.05, which was recorded on Thursday (21). However, a decline in buying momentum could result in a break of the $2.72 support level and a decline towards $2.46.
The article Why is the crypto market booming today, 11/22/2024? was first seen on BeInCrypto Brazil.
