Why Is the Crypto Market Up Today?
Overall cryptocurrency market cap (TOTAL) and Bitcoin (BTC) have seen limited growth recently. Despite the economic slowdown, some altcoins are still showing signs of strength. Notably, MANTRA (OM) is on the rise, rising 72% in the past 24 hours.
In today’s news:
- Thala Labs recovered $25.5 million in stolen liquidity pool tokens after tracking the hacker, who returned the funds in exchange for a $300,000 bounty. The company assured affected users that their jobs would be fully restored.
- Base celebrates transaction volume exceeding 1 billion worked with NFTs, but faced backlash after digital artist Chris Biron accused them of plagiarizing his work. Base apologized and pledged to improve its processes to avoid future disputes.
Cryptocurrency markets remain supportive
total cryptocurrency market The upper limit remains below $3.00 trillion, retreating slightly after reaching a high of $3.04 trillion over the weekend. The drop reflects a natural market correction after the recent bull market rally, which saw heavy participation from major token investors.
As the market stabilizes, it may consolidate near the $3 trillion mark. This move will provide investors time to assess broader financial clues and strategize their positioning, potentially setting the stage for the next rally if bullish sentiment persists.
However, the loss of critical support at $2.90 trillion could trigger a drawdown to $2.75 trillion. Such a decline would wipe out recent gains, leading to potential losses for investors and raising concerns about a longer-term bearish trend in stocks. cryptocurrency market.
Bitcoin Form new ATH again
Bitcoin is trading to $90,625, holding above the $88,691 support but facing resistance at $92,000. This delicate balance highlights how the cryptocurrency king is struggling to regain momentum while maintaining its recent gains.
Bitcoin’s momentum towards new highs was paused last week after hitting an all-time high of $93,242. To regain upward momentum, Bitcoin will need strong macroeconomic support as broader financial clues weigh heavily on investor sentiment.
If Bitcoin fails to sustain the $88,691 support, a drop to $85,000 is possible. Such a decline would take Bitcoin away from its recent all-time highs, raising concerns about its short-term bullish potential.
OM hits all-time high
OM is currently trading The price is $4.43, up an impressive 72% in the past 24 hours. The surge reflects growing investor interest as OM capitalizes on bullish sentiment in the broader cryptocurrency market.
The altcoin hit a new all-time high of $4.48, its fifth ATH in a week. This continued upward trend highlights strong demand and solidifies OM’s position as a top-performing asset.
Despite its impressive gains, OM has yet to undergo a significant correction. If the altcoin fails to maintain momentum, there is a possibility of a drop to the $2.45 support, which could result in significant losses for investors.
Disclaimer
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