The total market cap of cryptocurrencies (TOTAL) and Bitcoin (BTC) saw declines today, as the broader market deteriorated, with the latter dropping to $115,500. On the other hand, altcoins performed relatively well against BTC, led by Chainlink (LINK), which rose by 9%.
In today's news:-
Japan's Financial Services Agency will approve JPYC Inc. to issue the country's first yen-denominated stablecoin later this year. This move marks a milestone in Japan's financial modernization, and JPYC will begin distribution after registering as a remittance provider.
According to Token Terminal data, the assets under management of tokenized assets have reached $270 billion, highlighting Ethereum's growing role as a preferred settlement layer for stablecoins and institutional tokenization.
The crypto market is in a loss state
The total market cap of cryptocurrencies dropped by $71 billion in the past 24 hours, closing at $3.85 trillion. This decline followed uncertainty triggered by Trump's meeting with Putin in Alaska, which sparked risk-averse sentiment. This shift highlights the market's sensitivity to geopolitical events affecting investor confidence in digital assets.
Total seems poised for another decline, with downside risks pointing to $3.81 trillion. Bitcoin's weakness has led to a broader malaise, dragging down altcoins.
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Total cryptocurrency market cap analysis
If market conditions improve, Total may recover the support level of $3.89 trillion. Such a recovery could provide impetus to push towards $4.01 trillion, indicating new optimism. This move would alleviate investor concerns and boost confidence.
Bitcoin loses another support
Bitcoin's price has dropped in the past 24 hours, trading at $115,409 at the time of writing. However, the king of cryptocurrency continues to hover above the critical support level of $115,000.
The Relative Strength Index has fallen below the neutral 50 level, indicating weakening bullish momentum. This shift suggests increasing bearish sentiment across the market. If selling pressure persists, Bitcoin may drop towards the support level of $112,256, highlighting the risk of further losses and weakening recent investor confidence in BTC.
Bitcoin price analysis
If Bitcoin rebounds from the support level of $115,000, the king of cryptocurrency may regain strength. A successful rebound could allow BTC to retest $117,261, and a breakout may turn it into a support level. This scenario would open the way for a rise to $120,000, enhancing traders' optimism.
Chainlink rises within 24 hours
Chainlink overcame Bitcoin's pullback, becoming the best-performing stock with a 9% gain. At the time of writing, LINK traded at $24.65, showing strong momentum. This move highlights investor confidence in the resilience of altcoins.
The parabolic SAR is currently below the LINK candlestick, confirming the active uptrend. This bullish signal indicates that upward momentum remains intact. If buying pressure continues, Chainlink could break through $26.73 and extend its rally to $30.00, thereby enhancing optimism.
LINK price analysis
However, if selling pressure increases, LINK may lose its appeal. A decline could push the price down to the support level of $22.63, and a further drop may drag it down to $19.88 or lower. This move would invalidate the bullish outlook and turn traders' sentiment cautious.
This article is for reference only and should not be considered investment advice. Feel free to leave comments for discussion!
