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This is what happens when the market hits 2 trillion! In a truly bullish scenario, the cryptocurrency market has experienced a significant jump, with its total market capitalization rising to $2.03 trillion. This $53 billion increase in just 24 hours is driven by heightened investor optimism as the market anticipates the upcoming Federal Open Market Committee (FOMC) meeting. This key event is expected to boost both the stock and crypto markets, contributing to the current market excitement.
Here’s why crypto is up today.
Check on Bitcoin’s Bullish Momentum and Key Resistance Levels
Bitcoin (BTC) has recently reclaimed the $60,000 mark after testing the crucial support level of $57,270. This rebound reflects a strong bullish momentum. However, Bitcoin faces a critical challenge in breaking through the $61,725 resistance level.
Successfully surpassing this barrier could lead to further gains and solidify the bullish trend. On the other hand, failure to breach this level may result in a drop back to $57,270, with a potential further decline to $53,980. The market’s reaction to the upcoming interest rate cuts will be crucial in determining Bitcoin’s short-term movement.
CKB Emerges as Top Altcoin Performer
In the altcoin arena, Nervos Network’s CKB token has made headlines with a remarkable 14% increase in the past 24 hours. Currently trading at $0.018, CKB’s notable rise follows a substantial rally the previous week, surging to 313% before correcting.
The current upward trend suggests positive market sentiment towards CKB, positioning it as a standout performer among altcoins. However, there is a risk of a decline if CKB fails to maintain support at $0.016, potentially falling to $0.012 and challenging the current bullish outlook.
Significant developments from major industry players also influence the market’s positive movement. BlackRock and Microsoft are preparing to launch a $30 billion fund focused on AI infrastructure, including data centers and energy projects. Given their prominent roles in the digital asset space, this initiative is expected to have a substantial impact on AI-related crypto assets.
Analysts Say Get Ready for Bull Run
Adding to the market’s optimism, crypto analyst Michael van de Poppe has suggested that the market could be on the brink of an unprecedented bull run. This potential surge is anticipated to be driven by expected cuts in Federal Reserve interest rates, which could catalyze market growth.
Currently, the crypto market cap shows promising signs of further gains, trading within a double-bottom channel pattern that suggests continued bullish momentum.
After a dip below $1.7 trillion on August 5, the market quickly recovered to $2.24 trillion before settling at $1.81 trillion on September 6, reinforcing the double-bottom pattern. If this trend persists, the market cap could rise to $2.42 trillion.