The total cryptocurrency market cap (TOTALCAP) and Bitcoin are both on the rise. However, altcoins don’t seem to be holding back in their bid to post gains, with Hedera Hashgraph (HBAR) seeing a 63% increase in 24 hours.
In today's news:
MicroStrategy plans to sell $1.75 billion in convertible notes, which are loans that can be converted into company stock with no interest due until 2029. They are offering these notes to large, qualified investors in the U.S. and internationally. An additional $250 million could be offered if there is demand, but the sale is dependent on market conditions.
Russia has proposed a bill to tax cryptocurrencies as property, taxing mining income based on market value while allowing expense deductions. Cryptocurrency transactions will be exempt from VAT, but trading income will face similar taxes to securities, with a maximum personal income tax rate of 15%.
Cryptocurrency market remains bullish
The total cryptocurrency market cap is showing steady growth despite Bitcoin’s struggle to reach a new all-time high. Currently at $3.02 trillion, the market is benefiting from a broader bullish sentiment, with altcoins contributing significantly to the upward trend.
At $3.02 trillion, the market cap is approaching its all-time high of $3.07 trillion. Breaking this level in the coming days is plausible if the bullish momentum continues. In this sense, positive market sentiment and sustained trading volumes could help push TOTALCAP to record highs, reinforcing its growth trajectory.
TOTALCAP Chart on TradingView
TOTALCAP is holding critical support at $2.93 trillion, a level that has proven essential to sustaining the rally. However, losing this support could lead to a sharp decline, potentially taking the market cap to $2.75 trillion.
Bitcoin is not ready for a reversal yet
Bitcoin is currently at $91,575, facing resistance at $92,000 and approaching its all-time high of $93,242. This level has become a crucial barrier, with traders watching for signs of a potential breakout. Continued bullish momentum could see the price break above this resistance and test higher levels in the coming days.
The asset has been consolidating near this range for the past few days, attempting to solidify $88,691 as a key support floor. This stabilization indicates strong market interest, suggesting that bulls may be preparing to maintain control if conditions remain favorable.
Bitcoin (BTC) Chart on TradingView
However, failure to secure $88,691 as a support level could trigger a decline. A drop below this threshold would likely see Bitcoin fall to $85,000, resulting in significant losses for investors.
Hedera shoots
HBAR price is up 63% in 24 hours, currently trading at $0.147. The cryptocurrency faces resistance at $0.157, which could challenge its ongoing rally. Despite recent gains, overcoming this barrier remains essential for continued price growth.
The token is at a seven-month high, presenting an opportunity to break through the $0.157 resistance. Successfully crossing this level could lead to a jump to $0.182, marking another significant milestone.
HBAR Chart on TradingView
However, failure to hold the $0.134 support level could trigger a decline. In such a scenario, HBAR could drop to $0.099, erasing recent gains and invalidating the current bullish outlook.
The article Why is the crypto market booming today, 11/19/2024? was first seen on BeInCrypto Brazil.
