With Bitcoin breaking through the $100,000 mark, the total market capitalization of cryptocurrencies (TOTAL) surged by $164 billion. The market skyrocketed following the appointment of a crypto-friendly chairman at the U.S. Securities and Exchange Commission (SEC). Among altcoins, Render (RNDR) saw the largest increase, rising 31% in the past 24 hours.
The cryptocurrency market is thriving
In the past 24 hours, the total market capitalization of cryptocurrencies soared by $164 billion, reaching an all-time high of $3.64 trillion. This significant increase reflects extreme optimism throughout the market. This growth is driven by optimism over regulatory developments and institutional adoption.
The recent surge is attributed to positive developments in U.S. cryptocurrency regulation. The U.S. Securities and Exchange Commission appointed a crypto-friendly chairman, boosting investor confidence and lifting market sentiment. This shift in regulatory stance may have triggered a wave of bullish buying activity, driving prices higher across the board.
Currently, the support level for the total market capitalization of cryptocurrencies is $3.49 trillion. Maintaining this level is crucial for sustaining the upward trend and achieving further increases. If the market capitalization falls below this support level, the bullish outlook may be invalidated, indicating a potential trend reversal.
Bitcoin makes history
Bitcoin reached a new all-time high (ATH) today, hitting $104,087 and breaking through the highly anticipated $100,000 milestone. This achievement marks a significant moment in Bitcoin's price history, with many analysts predicting continued upward movement. Bitcoin's strong performance further solidifies its position in the market.
In the past 24 hours, Bitcoin has risen by 7.7%, currently trading at $103,253. BTC's next key target is to turn $105,000 into a support level, which would confirm the continuation of its bullish momentum.
However, if profit-taking occurs, Bitcoin may pull back below $100,000. A drop below this level would invalidate the current bullish outlook and erase recent gains. Such a pullback could signal a shift in market sentiment and trigger further downside movement.
RENDER takes the lead
Render's price surged 31% in the past 24 hours, reaching a high of $11.76 before slightly pulling back to $10.61. This rapid price movement indicates strong short-term momentum for the altcoin. If the upward trend continues, Render may see further gains in the coming trading days.
Today's rally has pushed Render to a six-month high, but it has not yet broken through the resistance level of $11.32. If this level becomes a support level, it could pave the way for price increases to $12.00 or even higher.
However, if Render fails to break through $11.32, the altcoin may consolidate between $11.32 and $9.88, similar to the situation from May to June. Such range-bound fluctuations would invalidate the current bullish outlook, making it difficult for Render's price to break through this area.