The total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) continued to maintain impressive momentum over the past week, with BTC just setting a new historical high. Among the altcoins, Hedera (HBAR) was the most prominent name leading the increase, recording a strong increase of 27% in just 24 hours.
Notable news of the day:
SharpLink Gaming spent about $48.85 million to buy another 16,374 ETH on Sunday, bringing its total holdings to approximately 270,000 ETH. According to data from Arkham Intelligence, the move marks a major step in the company's strategy to expand its digital asset portfolio.
Meanwhile, Bank of England Governor Andrew Bailey has expressed concerns about allowing major banks to issue their own stablecoins, warning that this could pose risks to financial stability and increase the risk of money laundering. This stance is in stark contrast to the stance in the United States, where stablecoins are seen as a pillar of Donald Trump’s plans to turn the country into a global cryptocurrency hub.
Cryptocurrency Market Continues to Accelerate
The total cryptocurrency market capitalization has hit $3.69 trillion, recording an impressive $81 billion increase in just 24 hours. Notably, this strong rally came despite recent comments from President Donald Trump regarding tariff policies, demonstrating the market's remarkable resilience to macro factors.
Bitcoin continues to lead the way, not only reinforcing the uptrend but also spreading optimism across the entire altcoin ecosystem. The total market capitalization (TOTAL) is now approaching potential support at $3.64 trillion. If this level holds, the market is likely to break out to the next resistance level at $3.73 trillion.
However, in a correction scenario, TOTAL could lose key support and fall to the $3.49 trillion area – wiping out all the gains it has just made. A deep decline could then be triggered unless new money quickly pours in to support the price.
Bitcoin sets new high
Bitcoin continued its spectacular breakout, setting a new all-time high of $119,966 in the past 24 hours. Currently, the largest cryptocurrency in the market is hovering around $119,735, just a small step away from the important psychological threshold of $120,000.
The $120,000 level is considered a key psychological resistance zone. If Bitcoin breaks through this level, a wave of fear-of-missing-out (FOMO) buying could be triggered, providing additional momentum to push the price to new heights as the bullish momentum continues to consolidate.
However, in addition to the positive outlook, the RSI currently shows that Bitcoin is in overbought territory – a warning sign that the market may be entering a state of overheating. If investors start to take profits, selling pressure could cause the price to correct back down, with the nearest support zone around $115,000. Such a correction could temporarily interrupt the upward momentum, while also allowing the market to “cool down” before establishing the next trend.
HBAR hits 4-month high
In the past 24 hours alone, HBAR has surged 27.6%, currently trading at around $0.252 – its highest level in recent months. The main driver behind this surge was the news that the Hedera Foundation had officially joined Project Acacia – an initiative led by the Reserve Bank of Australia. This strategic event immediately attracted a strong wave of interest from investors, contributing to strengthening confidence in the long-term potential of HBAR.
Currently, HBAR is struggling to establish the $0.250 area as a solid support level – a key factor to maintain the bullish momentum. If successful, the altcoin could continue to advance towards the next resistance area at $0.267, extending the upside range and reaffirming the 4-month high.
However, if it fails to hold the $0.250 level, HBAR risks a bearish reversal to the $0.220 region or lower. This scenario would not only erase recent gains but could also trigger a deeper correction, dimming the coin’s short-term growth prospects.
