Total cryptocurrency market cap (TOTALCAP) and Bitcoin (BTC) saw a slight drop today (15). As the sector cools down, altcoins are also suffering, with First Neiro on Ethereum (NEIRO) emerging as one of the day’s biggest losers.
In today's news:
Senator Cynthia Lummis proposes selling Federal Reserve gold to acquire 1 million Bitcoins, creating a strategic reserve worth $90 billion. This move aligns with Trump’s reported interest, significantly increasing the U.S. government’s current holdings of 200,000 BTC.
Eighteen Republican attorneys general have filed a lawsuit against the SEC, alleging unfair crackdowns on cryptocurrencies, with all five commissioners named. The lawsuit aligns with Trump’s push for cryptocurrency regulatory reform, though his direct involvement remains unclear.
Cryptocurrency market cools down
The total cryptocurrency market cap has dropped by $66 billion in 24 hours, falling to $2.86 trillion after failing to secure $2.90 trillion as a support level. This marks a significant pullback in its recent bullish streak.
Despite the decline, bullish sentiment remains strong among investors. However, the potential for a sell-off-induced correction could push the market cap down to $2.75 trillion, erasing more of the recent gains.
TOTALCAP Chart on TradingView
If the market recovers and reclaims $2.90 trillion as support, it could fuel momentum to break above $3.03 trillion. Reaching that milestone would set a new all-time high for TOTALCAP.
Bitcoin records a red candle
Bitcoin is trading at $88,234 and is working to flip $88,691 into a support level. This move is crucial for the cryptocurrency’s ongoing attempt to surpass its recent all-time high of $93,242, continuing its impressive streak of ATHs.
If it fails to maintain its current momentum, a further decline could test the $85K support level. If this key level is missed, the price could face a steeper decline, potentially dropping to $80,301, which would significantly weaken bullish sentiment.
Bitcoin (BTC) Chart on TradingView
For recovery to occur, Bitcoin must maintain its current momentum, which is largely influenced by holders avoiding profit-taking. Maintaining positive market sentiment could allow the cryptocurrency to regain its upward trajectory, targeting higher highs in the near term.
NEIRO in sharp decline
NEIRO has seen a sharp decline, losing 19% of its value in 24 hours, pushing its price to $0.00202. The significant drop marks the asset as one of the biggest losers in the market, raising concerns about its short-term momentum and overall sentiment.
If the current trajectory persists, the price could fall further to $0.00169. Such a decline would erase a substantial portion of the recent gains, amplifying the bearish sentiment. This level also represents a critical test for investors as further losses could deter market confidence.
NEIRO Chart on TradingView
However, if NEIRO manages to reclaim the $0.00224 support level, it could trigger a recovery rally. Such a move would invalidate the bearish outlook and potentially take the price back to its all-time high of $0.00311, reigniting bullish sentiment.
The article Why is the crypto market falling today, 11/15/2024? was first seen on BeInCrypto Brazil.
