Total cryptocurrency market cap (TOTALCAP) and Bitcoin (BTC) continued their rally, climbing to new highs today. However, altcoins surprisingly moved in the opposite direction, with only Floki (FLOKI) doing well, rising nearly 11% on the day.
In today's news:
FTX co-founder Gary Wang avoided prison, receiving three years of supervised release for his role in the exchange’s 2022 collapse. Authorities credited Wang’s cooperation with expediting the extradition of Sam Bankman-Fried from the Bahamas.
Nvidia reported a 95% increase in revenue in the third quarter of 2024 to $35.1 billion, driven by a 111% jump in its data center segment. Its shares rose nearly 30% in the third quarter and 200% this year, fueled by demand for Bitcoin mining and AI technologies.
Cryptocurrency market continues to rise
The total cryptocurrency market capitalization has reached $3.11 trillion, marking a new milestone in its ongoing upward trend. Currently at $3.08 trillion, TOTALCAP shows resilience and sustained investor confidence, generating optimism for further growth in the coming days.
The market cap is holding support above $2.93 trillion, a key level to maintain bullish momentum. As long as this support holds, the total cryptocurrency market cap could continue its upward trajectory, potentially reaching new highs in the near future.
TOTALCAP Chart on TradingView
However, a break of the $2.93 trillion support could trigger a decline, with TOTALCAP falling to $2.75 trillion or lower. Such a decline would lead to significant losses for investors and potentially stall the broader market’s positive sentiment.
Bitcoin is not ready for a reversal yet
Bitcoin price has hit a new all-time high (ATH) of $98,310, marking another milestone in its ongoing rally. This surge came after the asset successfully bounced off the $89,800 support level, demonstrating strong bullish momentum and renewed investor confidence.
Securing $95,000 as a support level is vital for the upward trajectory. On a significant psychological and technical level, holding this support could pave the way for the cryptocurrency to reach the predicted $100,000 mark, further solidifying its bullish outlook.
Bitcoin (BTC) Chart on TradingView
On the other hand, failing to hold $95,000 as support and falling below $89,800 could dampen optimism among investors. Such a decline would signal potential challenges ahead, creating resistance to Bitcoin’s continued growth.
Floki in the lead
FLOKI is up nearly 11% in 24 hours, emerging as the best-performing altcoin among the top 100. While most cryptocurrencies have seen declines, FLOKI’s rally highlights investors’ renewed interest in memecoins, pushing it to trade at $0.0002741.
Currently at $0.0002741, the asset is struggling to flip the resistance level at $0.0002776 to support. Reaching this milestone would allow the meme coin to reach the $0.0003000 mark, reinforcing the bullish sentiment and encouraging further price gains.
Floki Chart on TradingView
However, selling pressure from profit-taking investors could halt FLOKI’s progress, potentially leading to a drop to $0.0002108. Such a drop would invalidate the bullish outlook, raising concerns about the memecoin’s ability to sustain its recent gains.
The article Why is the crypto market booming today, 11/21/2024? was first seen on BeInCrypto Brazil.
