The total crypto market cap (TOTAL) and Bitcoin (BTC) are continuing their uptrend on Monday, with the latter forming a new all-time high. This rise is impacting the altcoins as well, with Cronos leading the pack, noting a near 40% rise in the last 24 hours.
In the news today:
- Anthony Shnayderman and Itai Bronshtein dismissed their securities lawsuit against OpenSea in a Florida federal court after a judge allowed OpenSea to request arbitration. The plaintiffs had accused OpenSea of selling unregistered securities.
- Solana’s (SOL) market cap surpassed $100 billion early Monday, reaching an intra-day peak of $101 billion. This achievement makes SOL the fourth cryptocurrency globally to reach this milestone, following Tether, which holds the third position with a market cap of $123 billion.
The Crypto Market Skyrockets
The total crypto market cap rose by $152 billion in the last 24 hours, reaching $2.73 trillion. This rally marks a three-year high, with intra-day peaks hitting $2.75 trillion. The surge reflects strong bullish sentiment, pushing the crypto market into a new growth phase.
If favorable macroeconomic cues persist, the total market cap is likely to continue its uptrend. However, given the rapid gains, a cooldown could occur, allowing the market to stabilize. Such a pause might reinforce the rally by building solid support levels, helping sustain upward momentum in the coming days.
Should this cooldown lead to corrections, a dip to $2.62 trillion is possible. A further decline could present challenges for recovery, potentially stalling recent gains. Market participants are watching for signs of support to gauge the total crypto market cap’s resilience at these elevated levels.
Bitcoin’s Price Forms New All-Time High
Bitcoin reached yet another all-time high on Monday, hitting $81,836 during intra-day trading. This marks the sixth new ATH for BTC in a week, highlighting a strong uptrend and generating profits for investors. The continuous highs are building strong momentum, fueling optimism in the market.
The next milestone for Bitcoin is breaching the $85,000 level and establishing it as a support floor. Achieving this will require sustained bullish momentum from the broader market. Successfully flipping this level into support could set Bitcoin on an even stronger path upward, reinforcing investor confidence.
However, any significant profit-taking could prompt a pullback, potentially bringing BTC down to its support at $77,175. A further decline below this level would invalidate the current bullish outlook, signaling caution for traders and potentially dampening the recent rally.
Cronos Climbs the Charts Like a Vine
Cronos price has surged by 40% in the last 24 hours, currently trading at $0.143. CRO faces a resistance level at $0.151, a critical barrier to further gains. If the altcoin can break past this level, it will potentially be set up for continued upward movement.
Securing the $0.133 level as a support floor is essential for CRO, as it would strengthen its base and enable a rally toward $0.151. If this resistance is breached, Cronos could continue its ascent, with the next target set at $0.160. This upward trajectory reflects a growing market interest in CRO.
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On the other hand, a failure to hold $0.133 as support may lead to a retracement, erasing a portion of recent gains. A decline could push Cronos down to $0.121, prompting caution among investors and shifting the market sentiment temporarily toward a more conservative outlook.
Disclaimer
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