The total market cap (TOTAL) and Bitcoin’s (BTC) price both stabilized slightly following weeks of declines. This also helped the altcoins note considerable growth, with Kasp (KAS) leading the list.
In the news today:-
CoinStats CEO Narek Gevorgyan tweeted on Wednesday that he suspected that one of the company’s employees executed the recent $2 million hack.
The German government has been offloading Bitcoin holdings on exchanges. About $165 million worth of BTC has been sold by then in the last two weeks.
The Total Market Cap Is Stabilized
The total crypto market cap, at $2.19 trillion, continues to hover around the $2.20 trillion mark. The recent drawdown, which brought TOTAL down from $2.50 trillion to $2.11 trillion at one point, seems to be cooling down now.
This is crucial in order to eventually regain the losses that are possible with the market stabilizing. Securing $2.20 trillion as support is a key step as it would enable a bounce back to $2.25 trillion and $2.30 trillion.
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But if this support is lost too, a decline to $2.15 trillion or lower cannot be ruled out.
Bitcoin’s Price Sees a Similar Fate
Bitcoin’s price at $60,856 is cooling down from the macro-financial market’s bearish cues’ impact. Losing $63,068 as support did increase investors’ concerns; however, BTC has maintained $60,000 as support at the least.
This will help cryptocurrency regain the profits it lost during the decline. Taking $63,000 back as support is the target for BTC, as only then can it witness a strong buy pressure enough to propel Bitcoin’s price toward $70,000.
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If the bears win the battle, Bitcoin’s price could slip to $60,000 or lower.
Kaspa Inches Closer to ATH
Kaspa’s price at $0.177 is up by 13% in the last 24 hours, following the resurgence in optimism in the market. The altcoin nearly breached the $0.184 resistance level during the rally but could not manage to.
Doing so would help KAS rise to $0.193, the altcoin’s current all-time high. If the bullish cues are sustained, the altcoin could achieve this.
Read More: Kaspa (KAS) Price Prediction 2024/2025/2030
However, if the large rise is corrected, a decline to $0.170 or $0.162 is very likely. Losing the latter would invalidate the bullish thesis.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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