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The total crypto market cap (TOTAL) ran well during the intra-day highs but fell soon after. The same was true with Bitcoin ($BTC), which is below key support. But dogwifhat ($WIF) capitalized on the earlier sentiment, noting a massive leap in the last 24 hours.
In the news today:-
- Federal Judge Robert Shelby ordered the Securities and Exchange Commission (SEC) to pay $1.8 million in legal costs to a crypto firm called D.E.B.T. Box. This was the result of the SEC’s failed lawsuit.
- BlackRock surpassed Grayscale to become the biggest spot Bitcoin ETF in the world. The Grayscale Bitcoin Trust (GBTC) higher 1.5% fee led to significant investor pullout.
The Total Market Cap Did Not Surprise
The total market cap is hanging around the $2.5 trillion mark after failing to cement it as a support floor for nearly a week now. The start of the day was seemingly bullish, with TOTAL nearly reaching above the support floor. However, this did not stick.
Read More: 9 Best Altcoin Exchanges In 2024
Talking about the current market sentiment, Michaël van de Poppe, the Co-Founder & CIO of MN Trading Consultancy, exclusively told BeInCrypto,
“The current market sentiment surrounding Bitcoin is comparable to the calm before the storm. It’s consolidating between $60-73K since early March, building up stamina for a big breakout. The fact that many institutions are investing into the Spot Bitcoin ETF, while governments are eagerly discussing potential opportunities of adoption of Bitcoin (Argentina recently decided to investigate a solution with Bitcoin for their economy),” van de Poppe stated.
He went on to say that:
“It’s driving the adoption of Bitcoin further, through which the main factors for Bitcoin price action is based on the macroeconomic playing field with a weakening US Dollar, while China and other countries are accumulating more Gold… Crypto-intrinsic market movements are solely dedicated to $XRP and Ethereum. If $XRP wins the lawsuit (which is on the horizon)… if Ethereum is going to be listed on the exchanges after approval of the S-1 files, it suggests that there’s a strong continuation going to be happening on everything,” van de Poppe concluded.
Bitcoin Price Remains Steady
Although Bitcoin’s price did slip below the support of $68,500, it still exhibits bullish signs. Investors have been focused on accumulating, which will drive $BTC to reach $70,000 again this quarter.
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However, should the delayed uptick trigger investor uncertainty, selling could be on the cards. As a result, the Bitcoin price could drop to $66,000.
Dogwifhat Steals the Altcoin Show
$WIF price was an unexpected leader among the many crypto assets that could be observed to rise. The meme coin marked a 20% rise in the last 24 hours when the altcoin breached the resistance of $4 during the intra-day high.
Read More: Dogwifhat ($WIF) Price Prediction 2024/2025/2030
The meme coin seems on track to breach the resistance marked at $4.2. If flipped into support, this level could enable the $WIF price to chart a new ATH beyond $4.8.