Crypto markets continue their upward trend today, with the total cryptocurrency market cap (TOTAL) and Bitcoin (BTC) hitting new all-time highs. FTX Token (FTT) has become the best performing coin in the past 24 hours, up 41%.
Today's news:
Solana (SOL) surged to a new all-time high (ATH) during early trading on Friday, trading at around $262, surpassing the record set in November 2021.
Defunct cryptocurrency exchange FTX has revealed that its court-approved restructuring plan will take effect in January 2025. In the coming month, FTX debtors will finalize agreements with distributors to facilitate repayment of debts to former users, especially those overseas.
‘Extreme greed’ drives cryptocurrency market cap to new highs
Cryptocurrency markets remain on an upward trend, with total market capitalization up 4% in the past 24 hours. During early trading on Friday, total market capitalization climbed to a new all-time high of $3.27 trillion before retreating slightly. As of this writing, total market capitalization is $3.24 trillion.
While such a high market cap indicates active trading activity, the Crypto Fear and Greed Index reading hints at a possible correction in the short term. At press time, the index stood at 94, indicating extreme greed in the market.
Generally speaking, when the market is in a state of extreme greed, it reflects a highly bullish sentiment, with investors showing clear optimism and a willingness to take on risk. However, historically, such high levels can signal potential overheating, as the market may be approaching a local top or a period of correction.
If the bullish momentum fades, Total could drop to the $2.93 trillion support level. A break below this support level would result in a further decline towards $2.66 trillion.
Cryptocurrency market capitalization analysis.
However, if the current upward trend continues, Total will re-reach its all-time high of $3.27 trillion and attempt to set new highs in the near term.
Bitcoin is just 1% away from its $100,000 price target
Leading coin Bitcoin is currently trading at $99,395, with a 2% price increase over the past 24 hours. BeInCrypto’s assessment of the BTC/USD daily chart reflects a continued bullish bias for the coin. For example, as of this writing, the price of the meme coin is above the green line of its Supertrend indicator.
The SuperTrend indicator tracks the general direction of the trend and the strength of an asset's price. It is displayed as a line on a price chart, with the color changing depending on the trend direction: red for a downtrend and green for an uptrend. When the SuperTrend line is above the asset's price, it indicates a downtrend, suggesting that the bearish momentum will continue.
Just like in the case of BTC, buyers are in control when the super trend line turns green and appears below the asset price. The green line acts as a support floor where the asset price may see a surge in buying pressure and rebound after a drop. For BTC, that number is $87,979.
Bitcoin price analysis.
If the uptrend continues, BTC will hit the much-anticipated $100,000 price mark and break above it. On the other hand, if profit-taking activity surges, the coin’s price could drop to $88,630, which is its next major support level.
FTT leads market growth
The price of FTT has increased by nearly 41% in the past 24 hours, making it the best performing altcoin in the top 100. The altcoin is trading at $2.76, just above the $2.72 support level.
FTT’s double-digit gain was accompanied by a 218% increase in trading volume. When a surge in volume accompanies a price increase, it indicates strong interest and momentum, indicating that the price move is seeing strong participation from traders.
FTT price analysis.
If the buying momentum holds, FTT’s price could recover the seven-day high of $3.05 traded on Thursday. However, a decline in buying momentum could result in a breakout of the $2.72 support level and a drop towards $2.46.
