Total cryptocurrency market cap (TOTALCAP) and Bitcoin (BTC) hit new all-time highs (ATHs) on Tuesday (20) before recording slight declines. Some altcoins fared poorly, led by Hedera Hashgraph (HBAR), which fell nearly 14% in 24 hours.
In today's news:
Russian authorities are planning to ban cryptocurrency mining in occupied Ukrainian territories. The proposed ban targets regions such as Donetsk, Lugansk, Zaporizhia and Kherson to address energy challenges exacerbated by mining activities.
El Salvador’s NexBridge and Bitfinex Securities will launch the country’s first regulated tokenized US T-Bill offering, initially accepting USDT. The tokens tied to BlackRock’s short-term Treasury ETF will trade on Bitfinex under the ticker symbol USTBL, with a fundraising target of $30 million.
Cryptocurrency market is stabilizing
The total cryptocurrency market cap currently stands at $3.01 trillion, down slightly from the previous day’s peak of $3.10 trillion. Despite signs of a slowdown, the market remains resilient, holding its position near all-time highs.
TOTALCAP is holding steady above the critical support level of $2.93 trillion, signaling potential for continued growth. If market conditions remain favorable and no significant sell-off occurs, the cryptocurrency market could maintain its upward trajectory, supporting investor sentiment.
TOTALCAP Chart on TradingView
However, a drop below the $2.93 trillion support could result in a drop to $2.75 trillion. This level serves as the next major support floor, and further losses could challenge the market recovery.
Bitcoin forma nova ATH
Bitcoin hit a new all-time high of $93,912 before retreating slightly. Currently trading at $92,186, the king of cryptocurrencies remains in a critical zone, reflecting continued investor optimism despite minor fluctuations.
BTC is currently holding steady above the crucial support level of $89,800, aiming to maintain stability. A drop below this point could trigger losses, prompting increased caution among investors looking to protect gains from the recent rally.
Bitcoin (BTC) Chart on TradingView
If Bitcoin breaks the $89,800 support, a drop to $85,000 could occur, causing significant delays in the recovery. Such a decline could trigger selling pressure as investors lock in profits, further challenging the upward trajectory.
Hedera loses part of its profits
HBAR has seen remarkable growth, rising more than 239% in two weeks to become a standout performer this month. However, the recent decline has curtailed its upward momentum, raising concerns among investors as profits have dwindled amid heightened volatility in the cryptocurrency market.
Over the past day, HBAR has seen a 13.8% drop, erasing a significant portion of its previous gains. The altcoin is now trading at $0.123, a level that could determine its near-term trajectory depending on whether it secures a stable support floor or faces continued selling pressure.
HBAR Chart on TradingView
However, if the decline persists, the token risks falling to $0.099, its next critical support level. A drop to this point could delay recovery efforts, challenging the altcoin’s ability to sustain its previous rally and dampening investor optimism in the short term.
The article Why is the crypto market falling today, 11/20/2024? was first seen on BeInCrypto Brazil.
