Today, the cryptocurrency market saw a positive rebound, with the total market cap (TOTAL) rising by 2% in the past 24 hours. Bitcoin (BTC) also performed strongly, increasing by 3% during this period. Meanwhile, the governance token ONDO from Ondo DAO emerged as the top-performing token, soaring by 14%.
Total hits a new all-time high
In the past 24 hours, the cryptocurrency market surged by over $94 billion, reaching a historic high of $3.69 trillion in total market cap during Monday's Asian early session. Although there has been a slight pullback, the market cap remains around $3.63 trillion. This surge reflects a shift in market sentiment, with renewed interest from investors in digital assets.
The positive balance of power (BoP) for Total further validates this shift in sentiment. As of now, the value of this indicator is 0.11. The BoP indicator measures the comparison of strength between buyers and sellers over a specific period, with a positive BOP value indicating that buyers are in control, suggesting bullish momentum and potential price upside.
Cryptocurrency market cap analysis.
If this bullish momentum continues, Total's stock price is expected to break through the resistance level of $3.69 trillion, setting a new high. However, if it fails to break this level, the stock price may retrace and potentially retest the support level of $3.17 trillion.
Bitcoin breaks $105,000
Currently, Bitcoin's trading price is $105,076, having risen by 3% in the past 24 hours. During Monday's Asian early session, Bitcoin briefly reached an all-time high of $106,648 before slightly pulling back.
Despite a slight pullback in Bitcoin, the rise in Chaikin Money Flow (CMF) indicates that demand for Bitcoin remains strong. As of the time of writing, the CMF value is 0.20.
The CMF indicator measures the accumulation and distribution of volume over a specific period, reflecting the intensity of buying or selling pressure. In line with Bitcoin's movements, a positive CMF indicates that buying pressure dominates the market, keeping prices at higher levels and maintaining strong volume.
Bitcoin price analysis.
This indicates strong bullish momentum in the market, suggesting that prices may continue to rise. If this trend continues, Bitcoin is expected to break through its all-time high and set new records.
On the other hand, if profit-taking occurs, the price may retreat to $94,311, invalidating the current bullish forecast.
ONDO outperforms the market
ONDO is the top-performing coin in the past 24 hours, with its value increasing by 15%. During Monday's early session, this governance token briefly hit an all-time high of $2.14 before pulling back. As of now, this altcoin is trading at $2.08.
If demand for ONDO increases further, it is expected to break through resistance at the all-time high, continuing the upward trend.
ONDO price analysis.
However, if selling increases, this bullish outlook may be affected. If ONDO holders start to take profits, it could put downward pressure on its price, leading to a drop back to $1.79.
Club asset review
