In the past 24 hours, the total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) has experienced significant fluctuations, accompanied by volatility. The historic high (ATH) of BTC has triggered this instability, interestingly benefiting currencies like Worldcoin (WLD), which rose by 21%.
The cryptocurrency market shows uncertainty
Yesterday, the total market capitalization of cryptocurrencies experienced extreme volatility, initially soaring by $113 billion, followed by a decline of $203 billion within 12 hours. This extreme volatility highlights the unpredictability of the market, presenting profit opportunities and loss risks for investors. Such fluctuations continue to attract close attention from the market.
Currently, the total market capitalization (TOTAL) has rebounded to $3.50 trillion, maintaining a delicate balance. The focus now is on maintaining the support level of $3.49 trillion to ensure the continuation of the upward trend. Keeping this support is crucial for maintaining investor confidence and encouraging further market participation.
If TOTAL fails to hold the market capitalization of $3.49 trillion, it faces the risk of further declines, potentially testing the next support level of $3.10 trillion. This situation could trigger increased selling pressure and shake short-term market optimism.
Bitcoin price falls below $100,000
After first breaking the $100,000 mark in mid-Thursday, the Bitcoin price fell by about 10%, nearly retesting the support level above $92,000. On Friday morning in Asia, the trading price of this flagship currency was around $97,680, indicating that the previous breakout above $100,000 was a false breakout.
In the past 24 hours, Bitcoin has suddenly faced selling pressure, with the entire cryptocurrency market losing over $900 million, most of which involved long traders. Bitcoin was the most affected, with about $498 million, of which $421 million was from long traders.
Altcoins take over
As the Bitcoin price retreated below $100,000 following a false breakout yesterday, the altcoin sector gained more bullish momentum. The TOTAL2 market capitalization excluding Bitcoin surged over 3% in the past 24 hours, hovering around $1.57 trillion at the time of writing.
Meanwhile, on Friday, Bitcoin's dominance fell by 1%, hovering around 55%, indicating a significant shift in the altcoin sector. Additionally, Ethereum (ETH) has broken through the major resistance level of around $3,800, reaching new all-time highs.
