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The total crypto market cap (TOTAL) and Bitcoin (BTC) have seen minimal changes over the last 24 hours. While the market is exhibiting mixed signals, the altcoins are still growing, with Bitget Token (BGB) leading the gains.
In the news today:-
- Ripple Labs has received approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin. CEO Brad Garlinghouse confirmed the development, with Ripple set to announce exchange and partner listings soon.
- Microsoft shareholders rejected Michael Saylor’s proposal to invest in Bitcoin during a vote on December 10. Despite Bitcoin reaching $100,000 and Saylor’s projections, the board cited concerns over adding “unnecessary” risks to the company’s portfolio.
The Crypto Market Is Stable
The total crypto market cap has shown little movement over the last 24 hours, currently holding at $3.37 trillion. This slight change reflects a period of consolidation as market participants await further signals to drive price action. The market remains cautiously balanced at this level.
With the market cap maintaining support at $3.28 trillion, the next target for TOTAL is to breach the $3.49 trillion mark. Successfully reclaiming this level as support could signal a bullish shift, opening the door for further growth in the broader crypto market, particularly if buying momentum increases.
However, if the market fails to break through the $3.49 trillion resistance, TOTAL could struggle to gain upward momentum. In this scenario, the market cap may consolidate within the current range, holding steady above $3.28 trillion.
Bitcoin Finds Solid Support
Bitcoin’s price has shown little change, holding steady at $97,185, above the crucial support level of $95,668. This stability suggests that Bitcoin is consolidating and waiting for a decisive move.
Despite its stability, Bitcoin has yet to breach the key resistance of $100,000. To form a new all-time high above $104,087, BTC needs to secure $100,000 as a reliable support level. A sustained push above this price would signal strong bullish momentum and open the door for further gains.
If Bitcoin fails to hold the support at $95,668, it could experience a sharp decline. Falling below this level may push BTC to test the $90,000 mark, invalidating the bullish outlook.
Bitget Token Forms New ATH
BGB price surged by 23% in the last 24 hours, reaching $3.08. This sharp rise is driven by favorable market conditions and increased investor interest, highlighting positive sentiment surrounding the altcoin.
The altcoin hit a new all-time high today, touching $3.15 during intra-day trading. This record-breaking price action is expected to attract more investors to the asset, fueling its growth. The new ATH solidifies BGB’s position as a strong contender in the market, strengthening its bullish outlook.
However, if the rally falters, BGB could face consolidation near the support level of $2.45. This would indicate a temporary slowdown in its price action, allowing investors to reassess their positions. Should this support hold, it could provide a base for a potential rebound and future upward movement.