After a brief slowdown in trading activity earlier this week, the total cryptocurrency market capitalization (TOTAL) has rebounded. Leading coin Bitcoin (BTC) has gained 3% over the past 24 hours. Meanwhile, ENS has been at the forefront of the altcoin rally, rising 34% over the same period.
In today's news:
BitWise has filed with the SEC for a crypto ETF based on its 10 Crypto Index Fund. The fund includes Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap.
Celsius is expected to distribute $127 million from its Litigation Recovery Account to eligible creditors in Bitcoin (BTC), Ethereum (ETH) or U.S. dollars.
Cryptocurrency market activity comes back to life
The total cryptocurrency market cap has increased by 3% in 24 hours. TOTAL is currently at $3.25 trillion, just below the $3.36 trillion resistance that formed its all-time high since November 23.
The market rally over the past 24 hours has triggered a surge in short liquidations. According to Coinglass, 99,732 traders were liquidated, with total losses of $282.44 million. Traders with short positions suffered the most, accounting for $173 million of the liquidations.
Cryptocurrency total market capitalization analysis. Source: TradingView
If the buying activity strengthens further, TOTAL will attempt to reclaim its all-time high of $3.36 trillion and break through it. Conversely, if the market witnesses a resurgence in profit-taking, TOTAL may resume its downtrend and fall towards the critical support formed at $3 trillion.
Bitcoin witnesses strong recovery
Bitcoin is trading at $95,541, registering a 3% increase in price over the past 24 hours. This increase comes after the coin's price plunged to a low of $92,872 during Tuesday's intraday trading session.
On the daily chart, accumulation remains steady among market participants. BTC’s Relative Strength Index (RSI) readings confirm this. At the time of writing, the coin’s RSI is at 66.05.
This indicator measures the overbought and oversold market conditions of an asset. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and is due for a correction. On the other hand, RSI values below 30 indicate that the asset is oversold and may witness a recovery.
Bitcoin Price Analysis. Source: TradingView
BTC’s RSI reading of 66.05 indicates that the asset is gaining positive momentum, and buyers are currently stronger than sellers. If buying pressure strengthens, BTC price could rally towards its all-time high of $99,588 and attempt to break it.
However, a spike in liquidations will invalidate this bullish outlook. If selling activity gains momentum, the coin’s price will resume its downtrend and seek support at $88,762.
ENS leads, others follow
ENS, the governance token of the Ethereum Name Service protocol, is ranked as the biggest gainer with a 34% price increase in 24 hours. During Thursday's early Asian trading session, the altcoin rose to a new year-to-date high of $37.29 before witnessing a slight pullback. It currently trades at $34.38.
ENS Price Analysis. Source: TradingView
However, caution is advised as ENS’s RSI readings indicate an overheated market. The altcoin’s RSI is at 79.45, firmly in the overbought zone where buyer exhaustion is common and a price reversal becomes highly likely. If ENS reverses its current trend, its price could drop to $31.57.
The article Why is the crypto market still rising today, 11/28/2024? was first seen on BeInCrypto Brazil.
