Why Is the Market Up Today?
The total crypto market cap (TOTAL) and Bitcoin’s (BTC) price are currently subdued owing to bearish macro conditions. The recent approval of spot Ethereum filings and the crypto regulatory framework bill FIT21 have had no bullish impact on the market yet.
Nevertheless, a small-cap token, JasmyCoin (JASMY), did impress investors with a 31% rise in 24 hours.
In the news today:-
- Justin Sun publicly advocates for a US presidential candidate who endorses cryptocurrencies. He tweeted that it’s imperative to demonstrate to the candidate that the cryptocurrency community and companies’ voices should be heard and interests protected.
- Former US President and candidate Donald Trump vows to release the founder of the website Silkroad, Ross Ulbricht. Trump noted that Ulbricht would be pardoned on the first day if re-elected.
The total crypto market cap is currently at $2.5 trillion, hovering around this level for almost a week. TOTAL managed to breach this barrier but fell soon after below the level. Amid the bearish macro market conditions, the rise expected to take the total market cap beyond $2.61 trillion has become a sideways movement.
This will continue in the coming days until the market witnesses a resurgence in optimism.
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Total Crypto Market Cap Analysis. Source: TradingView
But if bearish cues dominate the market, a drop to $2.40 trillion cannot be ruled out. This could also wipe out a chunk of inventors’ gains.
Bitcoin’s Price Holds at Crucial SupportBitcoin’s price is trading at $68,571 at the time of writing after failing to breach the resistance at $71,800. Holding the support at $70,000 or bouncing off it would have enabled BTC to continue rising, but this did not transpire either.
As a result, the crypto asset is currently holding above the $68,500 support floor that BTC has tested multiple times.
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Bitcoin Price Analysis. Source: TradingView
A fall below this support could lead to a significant drawdown, which could drag Bitcoin’s price down to $64,800.
JasmyCoin Takes the SpotlightJasmyCoin, the native crypto token of a Tokyo-based IoT company, Jasmy Corporation, leveraged the little bullishness still in the market. The altcoin surpassed every other major altcoin to emerge as the best performer in the last 24 hours.
JASMY marked a 30% rally, bringing the crypto asset up from $0.021 to $0.027 and reaching a two-year high as a result.
Read More: What Is JasmyCoin (JASMY)?
JasmyCoin Price Analysis. Source: TradingView
While the all-time high is far away, the next major support is also far away. Thus, if investors do not sustain this rise, the chances of reaching it could vanish, with JASMY falling to the crucial support of $0.024.
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