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The total crypto market cap (TOTAL) and Bitcoin remained positive over the last 24 hours, noting gains albeit minimal. However, the altcoins do not seem to be holding back in their effort to chart gains, as Hedera Hashgraph (HBAR) registered a 63% increase over the past day, leading the crypto market.
In the news today:
- MicroStrategy plans to sell $1.75 billion in convertible bonds, which are loans that can be turned into company stock with no interest due until 2029. They are offering these bonds to large, qualified investors in the U.S. and internationally. An additional $250 million may be offered if there’s demand, but the sale depends on market conditions.
- Russia has proposed a bill to tax crypto as property, taxing mining income based on market value while allowing expense deductions. Crypto transactions will be exempt from VAT, but trading income will face taxes similar to securities, with a maximum personal income tax rate of 15%.
The Crypto Market Remains Bullish
The total crypto market cap is showing steady growth despite Bitcoin’s struggle to achieve a new all-time high. Currently standing at $3.02 trillion, the market is benefiting from broader bullish sentiment, with altcoins contributing significantly to the upward trend.
At $3.02 trillion, the total crypto market cap is nearing its all-time high of $3.07 trillion. Breaching this level in the coming days is plausible if the bullish momentum continues. Positive market sentiment and sustained trading volumes could help push TOTAL to record levels, reinforcing its growth trajectory.
TOTAL is maintaining critical support at $2.93 trillion, a level that has proven essential in sustaining the rally. However, losing this support could lead to a sharp decline, potentially driving the market cap down to $2.75 trillion.
Bitcoin Is Not Ready for a Reversal Yet
Bitcoin’s price currently stands at $91,575, facing resistance at $92,000 and nearing its all-time high of $93,242. This level has become a crucial barrier, with traders watching for signs of a potential breakout. Continued bullish momentum could lead to Bitcoin surpassing $92,000 and testing higher levels in the coming days.
For the past few days, Bitcoin has been consolidating near this range, attempting to solidify $88,691 as a key support floor. This stabilization indicates strong buyer interest, suggesting that bulls may be gearing up to maintain control if market conditions remain favorable. Support here could fuel renewed optimism.
However, failure to secure $88,691 as a support level may trigger a downturn. A break below this threshold would likely send Bitcoin tumbling to $85,000, resulting in significant losses for investors.
Hedera Hashgraph Skyrockets
HBAR price surged by 63% in the last 24 hours, currently trading at $0.147. The cryptocurrency faces resistance at $0.157, which could challenge its ongoing rally. Despite the recent gains, overcoming this barrier remains critical for HBAR’s continued growth in the market.
HBAR sits at a seven-month high, presenting an opportunity to breach the $0.157 resistance. Successfully crossing this level could drive the altcoin toward $0.182, marking another significant milestone.
However, failure to maintain the $0.134 support level might trigger a downturn. In this scenario, HBAR could fall to $0.099, erasing recent gains and invalidating the current bullish outlook.