Markets
Why is the cryptocurrency market growing today?
The total cryptocurrency market capitalization (TOTAL) rose above $2.3 trillion as the US Consumer Price Index (CPI) reading came in colder than expected. April’s headline CPI came in at 3.4% year-on-year, versus 3.6% expected versus 3.8% in March.
Along with this, the price of Bitcoin has also increased, as have altcoins Ghost leading the ranking with an increase of 24%.
In today’s news:-
- Ripple joins Cosmos’ Ethereum Virtual Machine (EVM)-based Evmos protocol to create an XRP Ledger sidechain. This chain will be designed to be EVM compatible.
- IOTA has launched its “Testnet 2.0” which will enable chain migration from Proof of Work (PoW) to Proof of Stake (PoS). The goal is to improve the scalability and efficiency of the network.
TOTAL explodes
The total market capitalization has broken out of the symmetrical triangle it has been in for the past month following a weakening inflation. This brought the total value of all crypto assets to $2.32 trillion, adding nearly $140 billion in the span of a single day.
If support at $2.3 is secured, the cryptocurrency market capitalization may continue to rise gradually.
To know more: Why are Hong Kong Spot Cryptocurrency ETFs Important?
Total market capitalization analysis. Source: TradeVIum
However, losing the same support could result in a drop towards $2.25 trillion or lower.
The price of Bitcoin exceeds $65,000
The price of Bitcoin also increased along with the rest of the altcoins as the world’s largest crypto asset surpassed the $65,000 mark. At the time of writing, BTC is trading at $65,800, after closing above $66,000 yesterday.
The flag pattern suggests a 45% upside is on the cards, but the practical outlook would be a move above $68,500 in the next few days.
To know more: Bitcoin Halving History: Everything You Need to Know
On the other hand, this increase could also trigger corrections by investors if they shift towards profit booking.
Fantom surprises the market
Among all the top altcoins, Fantom’s price rise has placed it at the top of the list of best-performing assets. The altcoin has currently increased by more than 24%, surpassing the $8 barrier. FTM it entered the resistance zone between $0.80 and $0.88.
This range has been tested as support and resistance, making it a crucial area to break through. Taking it to support could trigger a major rally for the cryptocurrency.
To know more: Fantom (FTM) Price Prediction 2024/2025/2030
However, the altcoin has failed to breach the system in the past. If the same happens this time too, Fantom’s price could drop to $7 again. A further decline will take it to the $6.3 support level.
Disclaimer
In line with the Trust Project guidelines, this article on price analysis is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimer They have been updated.