The cryptocurrency market has seen a positive change, with the total capitalization (TOTALCAP) increasing by 2% in 24 hours.
In today's news:
Mark Longo, owner of the famous Peanut the Squirrel, is suing Binance for allegedly using images and stories of the squirrel without his permission, claiming intellectual property infringement.
Drake's X profile was hacked to promote a fake memecoin, highlighting the rise in scams targeting high-profile accounts on the platform.
TOTALCAP hits new all-time high
The cryptocurrency market cap surged by more than $94 billion to a new all-time high of $3.69 trillion on Monday (16). Today’s surge reflects renewed interest in the sector as market sentiment shifts.
TOTALCAP’s positive Balance of Power (BoP) confirms this shift in sentiment. The indicator’s value currently stands at 0.11. The BOP indicator measures the strength of buyers versus sellers over a given period. A positive BOP value indicates that buyers are in control, reflecting bullish momentum and potential price increases.
TOTALCAP Chart on TradingView
If the bullish momentum persists, TOTALCAP could surpass the new $3.69 trillion resistance level and reach new highs. However, if it fails to break through this level, it could witness a pullback and potentially revisit the $3.17 trillion support level.
Bitcoin Surges Above $105K
Bitcoin is currently trading at $105,076, up 3% in 24 hours. The cryptocurrency briefly registered a new all-time high of $106,648 before correcting. Despite this slight pullback, the rising Chaikin Money Flow (CMF) reflects continued demand among market participants. The indicator currently stands at 0.20.
This signals bullish momentum, suggesting potential price increases. If this trend continues, BTC will reclaim its all-time high and surpass it.
Bitcoin (BTC) Chart on TradingView
On the other hand, a resurgence in profit-taking activity could cause the price to drop to $94,311, invalidating this bullish projection.
ONDO in the lead
ONDO is the biggest gainer in the market today, rallying 15% in 24 hours. The governance token also hit a new all-time high of $2.14 before correcting. The altcoin was currently trading at $2.08.
If demand strengthens, it will break above new resistance at its all-time high and continue its uptrend.
ONDO Chart on TradingView
However, a surge in liquidations will invalidate this bullish outlook. If holders start booking gains, it will put downward pressure on the asset, which could cause its price to fall to $1.79.
The article Why is the crypto market booming today, 12/16/2024? was first seen on BeInCrypto Brazil.
