In the past 24 hours, the total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) have both significantly declined. As the market trend turns bearish, altcoins are also affected, with POPCAT being the worst-performing asset of the day, down 24%.
Today's news:
MicroStrategy purchased 21,550 Bitcoins for $2.1 billion, marking the company's second purchase in December, at a price of $98,783 per Bitcoin. Since November, the company has acquired over $15 billion in Bitcoin, and CEO Michael Saylor continues to advocate Bitcoin as a long-term investment strategy.
Riot Platforms plans to raise $500 million through privately placed convertible preferred notes, which will mature in 2030, to purchase more Bitcoin. This issuance is aimed at institutional buyers, including an additional $75 million in options, reflecting Riot's confidence in Bitcoin as a long-term asset.
Cryptocurrency market adjustment
The total market capitalization of cryptocurrencies has recently decreased by $267 billion, falling below the support level of $3.49 trillion, now down to $3.35 trillion. This adjustment occurred against the backdrop of the market entering a cooling period after a recent rise.
The recent decline was anticipated, as the market naturally enters a cooling phase after experiencing a period of increase. If the downward trend continues, the total market capitalization may further test the support level of $3.10 trillion. A break below this level could lead to a deeper market adjustment.
Cryptocurrency market capitalization analysis.
However, if the market begins to recover, the cryptocurrency sector is expected to reclaim the support level of $3.49 trillion, which will provide a solid foundation for further upward movements.
Bitcoin has seen a decline.
Bitcoin's price has dropped to $96,751, maintaining above the support level of $95,668. The recent adjustment reflects a change in market sentiment, with profit-taking likely being a major factor driving the price down.
Failing to hold the support level of $100,000 suggests that this psychological barrier may have turned into a resistance level. Bitcoin's inability to maintain this level may indicate a weakening of bullish sentiment in the market, with profit-taking and cautious sentiment dominating. Currently, $95,668 is the next key support level, and whether it can hold this level will determine BTC's subsequent trend.
Bitcoin price analysis.
If the downward trend continues, and Bitcoin breaks below the support level of $95,668, it may further drop to $89,800. Once it falls below this level, bearish sentiment will intensify, indicating that Bitcoin may have more downward space.
POPCAT has lost support for several weeks.
POPCAT plummeted 24% in the past 24 hours, becoming the worst-performing asset for the second consecutive day. This sharp decline indicates that the meme token is facing difficulties in regaining bullish momentum.
Currently, the trading price of POPCAT is $1.14, still carrying the risk of further decline. As altcoins have recently lost support for several weeks, POPCAT could potentially drop to $1.00. If market momentum does not reverse, the price may continue to fall, leading to greater losses for holders.
POPCAT price analysis.
To avoid further losses, POPCAT needs to break through the support level of $1.21 again. If it successfully rebounds at this level, it may pave the way for market recovery and weaken the current bearish expectations. Positive market sentiment and strong demand are expected to drive altcoins higher in the near future.
Review of club targets
TOP.1
DOGS, HMSTR
During the current sector rotation, although the TON Telegram ecosystem has not seen a explosive rise, there are clear signs of accumulation. Therefore, the club has decided to strategically position in this sector ahead of time.
Among them, DOGS and HMSTR performed outstandingly, both entering Binance's gainers list:
- DOGS: The entry point was $0.0077, peaking at $0.009475, a rise of 22%.
- HMSTR: The entry point was $0.004376, peaking at $0.004879, a rise of 11.53%.
In addition, the other two targets, NOT and CATI, achieved gains of 7% and 6%, respectively, performing well.
Join the club to get real-time strategies and seize bull market opportunities!
TOP.2
Review of publicly disclosed strategy targets: #arkm
$ARKM, as part of the AI sector, has received investment support from OpenAI founder Sam Altman. As OpenAI announced a 12-day live streaming event, the club has high expectations for $ARKM's rise.
The club marked #arkm at the position of 2.35, and the current price has risen to 2.7, with an increase of 14.9%.
Congratulations to those who have entered the market, you can take partial profits according to your personal positions while retaining some to continue bullish, targeting the 3 range.
TOP.3
Review of club targets: #lpt
$LPT, being the only token in Grayscale's holdings that has not increased, has a high probability of upward potential now confirmed.
The club recommended members to position in $LPT at 16.7, and the current price has risen to 22.6, an increase of 36% from the suggested price.
In addition, #lpt also successfully made it to the 4th place on Binance's gainers list.
For $LPT, it has been suggested that club members take partial profits at the right time, while the remaining part can continue to be held, with a target price range of 25-30.
TOP.4
Public strategy review: $ENA
Just yesterday, #ENA announced that the staking volume of its algorithmic stablecoin USDe has reached the $5 billion mark, with an APY of 27%.
This is a significant positive for #ENA.
The club discovered $ENA because it partnered with BlackRock to establish a new stablecoin project, with an entry point marked at 0.8. With continuous favorable data, $ENA has now reached 1.04, with a maximum increase of 30%. Perfectly reaching the club's profit-taking position of 1.
