The total cryptocurrency market cap (TOTAL) and Bitcoin (BTC) have seen moderate growth in recent days. As broader market cues remain largely subdued, only a few altcoins have managed to post gains, and leading them over the past 24 hours is Worldcoin (WLD).
In today's news:
A Singapore court has granted WazirX a four-month moratorium after the exchange lost $234 million in a hack, pending consideration of asset disclosure. WazirX had originally requested a six-month moratorium.
PayPal is allowing US merchants to buy, hold, and sell cryptocurrencies directly from their business accounts. Merchants can now also transfer supported cryptocurrencies to external blockchain wallets.
The cryptocurrency market is holding up
Despite some decline on Wednesday, the total cryptocurrency market cap remains close to the $2.18 trillion mark. This level is critical as flipping it into support is necessary for further market recovery. The cryptocurrency market has been volatile, and holding this support would signal strength for the broader market.
If TOTAL rises to $2.29 trillion, it would mark a multi-week high. However, historical trends suggest that holding that level has been challenging. In previous attempts, the market has failed to sustain gains above $2.29 trillion, often leading to a pullback.
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Analysis of the total cryptocurrency market capitalization. Source: TradingView
While a drop to $2.11 trillion seems unlikely at the moment, a decline in market cap could extend TOTALâs recovery timeline. The market has struggled to fully recover losses from the July drop, and any significant downward movement would push the recovery further into the future.
Bitcoin has a wait ahead
Bitcoin is currently trading at $63,521, facing resistance at $65,292. Breaking this barrier would signal a significant eight-week rally for the cryptocurrency.
However, this level has proven challenging, acting as a critical point where buyers and sellers clash. For Bitcoin to sustain its upward momentum, overcoming this resistance will be crucial.
Bitcoin has shown a slight uptick in recent days, but it may not have enough momentum to break $65,292 just yet. If Bitcoin manages to break above this barrier, a wave of selling could be triggered as traders look to lock in profits. The cautious market sentiment suggests that, while bullish, the cryptocurrency could face continued challenges near this price point.
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Bitcoin price analysis. Source: TradingView
The $65,000 level has both technical and psychological significance, creating high expectations for Bitcoin. Fear of missing out (FOMO) could drive new inflows into the market as Bitcoin approaches this threshold. However, this same level could also trigger selling, leading to capital outflows as traders capitalize on the psychological impact of reaching a major milestone.
Worldcoin had a good day
Worldcoin price has surged 16% in the past 24 hours, breaking through the crucial $2.00 resistance level and reaching $2.05. This surge positions WLD for potential gains, but the next significant resistance lies at $2.50.
Despite the recent surge, it took almost two months for Worldcoin to climb back above $2.00. This indicates that WLD may not test the $2.50 resistance anytime soon. The market remains cautious, and a fresh bullish momentum will be needed for any sustained upward movement.
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WLD Price Analysis. Source: TradingView
If selling pressure increases, Worldcoin could lose its $2.00 support, falling to $1.76. A further decline could invalidate the neutral-to-bullish outlook, potentially sending WLD to $1.40.
The article Why is the cryptocurrency market booming today, 09/26/2024? was first seen on BeInCrypto Brazil.
