The total crypto market cap (TOTAL) and Bitcoin (BTC) continued their growth today, rising to new highs, with the latter crossing the $95,000 mark. However, altcoins surprisingly treaded in the opposite direction, with only Floki (FLOKI) making it out, rising by nearly 11% in the last 24 hours.
In the news today:
- FTX co-founder Gary Wang avoided jail time, receiving three years of supervised release for his role in FTX’s 2022 collapse. Authorities credited Wang’s cooperation, which expedited Sam Bankman-Fried’s extradition from the Bahamas.
- Nvidia reported a 95% revenue surge in Q3 2024 to $35.1 billion, driven by a 111% jump in its Data Center segment. Its stock rose nearly 30% in Q3 and 200% this year, fueled by demand for Bitcoin mining and AI technologies.
The Crypto Market Remains Bullish
The total crypto market cap reached $3.11 trillion on Wednesday, marking a new milestone in its ongoing uptrend. Currently standing at $3.08 trillion, the market shows resilience and sustained investor confidence, driving optimism for further growth in the coming days.
TOTAL is maintaining support above $2.93 trillion, a key level for keeping the bullish momentum alive. As long as this support holds, the total crypto market cap could continue its upward trajectory, potentially reaching new highs in the near future.
However, a breach of the $2.93 trillion support could trigger a decline, with TOTAL falling toward $2.75 trillion or lower. Such a downturn would lead to significant losses for investors and potentially stall the broader market’s positive sentiment.
Bitcoin Is Not Ready for a Reversal Yet
Bitcoin’s price surged to a new all-time high (ATH) of $95,948 today, marking another milestone in its ongoing rally. This increase came after Bitcoin successfully bounced off the $89,800 support level, showcasing strong bullish momentum and renewed investor confidence.
Securing $95,000 as a support level is vital for Bitcoin’s upward trajectory. At a significant psychological and technical level, maintaining this support could clear the path for Bitcoin to reach the anticipated $100,000 mark, further solidifying its bullish outlook.
On the other hand, failing to hold $95,000 as support and dropping below $89,800 could dampen optimism among investors. Such a decline would signal potential challenges ahead, creating resistance to Bitcoin’s continued growth.
Floki Emerges as a Leader
FLOKI’s price surged nearly 11% in the last 24 hours, standing out as the top-performing altcoin among the top 100. While most cryptocurrencies experienced declines, FLOKI’s rally highlights renewed investor interest in meme coins, pushing it to trade at $0.0002741, aiming to sustain its upward momentum.
Currently trading at $0.0002741, FLOKI is striving to flip the resistance level at $0.0002776 into support. Achieving this milestone would enable the meme coin to target the $0.0003000 mark, reinforcing bullish sentiment and encouraging further price gains.
However, selling pressure from profit-taking investors could halt FLOKI’s progress, potentially leading to a drop to $0.0002108. This drawdown would invalidate the bullish outlook, raising concerns about the meme coin’s ability to sustain its recent gains.
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