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The total crypto market cap (TOTAL) and Bitcoin (BTC) witnessed impressive weekends, which helped investors recover some of their recent losses. The altcoins noted considerable growth, too, with Ethereum Name Service (ENS) marking an 18-month high.
In the news today:-
- Binance announced the potential delisting of 11 tokens. The exchange has extended the monitoring tag to crypto assets like BAL, Convex Finance (CVX), and SUN.
- The Artificial Superintelligent Alliance (ASI) Alliance token merger has begun. Ocean Protocol (OCEAN) and SingulaityNET (AGIX) will soon be migrated into Fetch.ai (FET).
The Total Market Cap Rises
The total crypto market cap rose by $71 billion in the last 24 hours as the market recovered over the weekend. TOTAL now sits at $2.27 trillion, inching closer to flipping $2.29 trillion into a support floor.
Positive cues can also be seen in the Moving Average Convergence Divergence (MACD). MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. Analyzing the convergence and divergence of these moving averages helps identify potential buy and sell signals.
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The bullish crossover taking place after almost a month is a bullish indication that TOTAL could continue this growth.
Bitcoin’s Price Rise
Bitcoin’s price jumped over the last 48 hours from hovering around $60,000 to breaching the critical resistance at $63,000. At the moment, BTC is changing hands at $63,354, with the aim of further recovery.
This would warrant a flip of $63,068 into a support floor, as it would provide Bitcoin’s price the necessary boost to reach $65,000. BTC investors are aiming higher at breaching the resistance at $67,504 to reclaim $70,000.
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Short-term profit-taking must also be monitored, as it could slow down the recovery. Sudden selling could halt the price rise below $65,000.
Ethereum Name Service Makes a Name for Itself
ENS price led the altcoins in terms of growth as the crypto asset jumped by over 24% in the span of 24 hours. Ethereum Name Service is currently trading at $32.31, breaching the resistance at $30.50.
This marks a two-and-a-half-year high for the ENS price, as the last time it was at this point was back in January 2022. The current barrier for the altcoin is $34.00, which could soon be flipped into a support level as well.
Read More: Ethereum Name Service (ENS) Price Prediction 2024/2025/2030
However, as with Bitcoin, profit-taking remains a threat to the altcoin. Sudden selling could lead to a sudden drop in price as well, sending ENS to $26 and invalidating the bullish thesis.