On Monday, the total market capitalization of cryptocurrencies (#TOTAL ) and Bitcoin (#BTC☀ ) continued to rise, with the latter reaching an all-time high. This rise also affected altcoins, with #Cronos leading the way, increasing nearly 40% in the past 24 hours.
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After the judge allowed OpenSea to file for arbitration, Anthony Shnayderman and Itai Bronshtein dismissed the securities lawsuit against OpenSea in federal court in Florida. The plaintiffs accused OpenSea of selling unregistered securities.
#solana生态 (SOL) market capitalization broke $100 billion in early trading on Monday, reaching an intraday high of $101 billion. This achievement makes SOL the fourth cryptocurrency globally to reach this milestone, following Tether, which ranks third with a market cap of $123 billion.
The cryptocurrency market is rapidly developing
In the past 24 hours, the total market capitalization of cryptocurrencies has increased by $152 billion, reaching $2.73 trillion. This rise marks a new high in three years, peaking at $2.75 trillion during trading. This increase reflects strong bullish sentiment, pushing the cryptocurrency market into a new growth phase.
If favorable macroeconomic factors persist, the total market capitalization may continue to rise. However, given the rapid rise, the market may cool down, stabilizing. Such a pause may strengthen the rebound by establishing solid support levels, helping to maintain upward momentum in the coming days.
Cryptocurrency market capitalization analysis.
If this cooling leads to a pullback, it could drop to $2.62 trillion. Further declines may challenge the recovery and potentially hinder recent gains. Market participants are looking for signs of support to gauge the resilience of the total cryptocurrency market capitalization at these high levels.
Bitcoin price hits an all-time high
On Monday, Bitcoin set another all-time high, with an intraday trading price reaching $81,836. This is the sixth time BTC has reached a new high in a week, highlighting a strong upward trend and bringing profits to investors. The consecutive new highs are forming strong momentum, fueling market optimism.
Bitcoin's next milestone is to break above the $85,000 level and establish it as a support level. Achieving this goal requires sustained bullish momentum in the broader market. Successfully converting this level into support could set Bitcoin on a stronger upward path, enhancing investor confidence.
Bitcoin price analysis.
However, any significant profit-taking could trigger a pullback, potentially bringing BTC down to the support level of $77,175. If this level is further breached, the current bullish outlook will fail, indicating that traders need to be cautious, which may suppress recent gains.
Cronos climbs like a vine
The price of Cronos surged 40% in the past 24 hours, currently trading at $0.143. The resistance level for CRO is $0.151, which is a key barrier for further upside. If the altcoin can break through this level, it may continue to rise.
Maintaining the support level at $0.133 is crucial for CRO, as this will strengthen its foundation and drive a rebound to $0.151. If this resistance level is broken, Cronos may continue to rise, with the next target set at $0.160. This upward trajectory reflects the growing interest in CRO in the market.
Cronos price analysis.
On the other hand, failure to maintain the support level at $0.133 could lead to a pullback, erasing some of the recent gains. A decline could push Cronos down to $0.121, triggering a cautious sentiment among investors and temporarily shifting market sentiment towards a more conservative outlook.
