The global cryptocurrency market cap now stands at $2.21T, up by 2.13% over the last day, according to CoinMarketCap data, showcasing resilience after recent fluctuations over the past few weeks.
Bitcoin (BTC) has been trading between $58,850 and $63,595 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $63,260, up by 6.56%.
Reports from analysts show that Bitcoin whales have been accumulating significant amounts of BTC, with a recent purchase of 47,500 BTC worth over $2.8 billion in just 24 hours. This Aggressive buying behavior by whales suggests bullish sentiment in the market and a potential price recovery.
Global Market and Technical News
After the release of the U.S. labor market report, risk appetite increased in the entire global market. The S&P 500 stock index opened up with a 1.2% increase, and the cryptocurrency fear and greed index rose by five points, moving from the fear zone to the neutral zone of 48.
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From the recent price behavior of bitcoin over the past few weeks, where bitcoin experienced a dip below $57,000 just before a crucial Federal Reserve meeting. However, following Jerome Powell’s announcement that interest rates would remain unchanged, Bitcoin’s price began to experience stability and growth to the upside, hence breaking above the $61,000 price region and marking an increase of 4.65% over the past 24 hours following news of U.S. jobs data.
The 15-minute chart shows that the price of $60k region has held strong above. Also, from the 4-hour chart and daily closing, it did close above the $62.5k range in the daily and 4-hour chart candles, which indicates bullish momentum.
According to analysts, the next price levels to watch for Bitcoin are in the $66k–68200 range.62.5k will remain the deciding factor for now between a bullish and bearish market.
Memecoin market
In the last 24 hours, Bitcoin (BTC) has given a signal of recovery after the recent dump to the$57,000 price region. BTC, which exceeded $64,000 during the day, became a lifeline for altcoins. Especially Ethereum (ETH), which saw an increase to about $3,148 and has become an important factor in the inflow of money into altcoins.
Among the altcoins that turned positive and experienced an increase in price due to the buying pressure recently, the most prominent category of the day was memecoins as the fastest-recovering cryptocurrencies due to their low market cap.
The memecoin trend is back in the cryptocurrency market. With Bitcoin (BTC) rising more than 8 percent in the last 24 hours, memecoins took center stage. Many memecoins left their mark on the day with their sharp rises.
Experts in the crypto industry argue that memecoins are an important factor that provides cash flow to the market. Crypto investors are shifting to memecoins due to the excitement created bythe high return and high-risk environment. The cash that flows here somehow finds its place in the crypto industry.
In this context, positively evaluated memecoins are the fastest-rising category after every BTC decline. Cryptocurrencies virtually collapsed as BTC dropped to $57,000. In the cryptocurrency market, which has recovered in the last week, the memecoin trend continued where it left off.
Memecoins such as $WIF increased by 23.79 percent in the last 24 hours. The rise of WIF occurred in parallel with other memecoins. Also, Dogecoin (DOGE) increased by 20 percent in the last 24 hours, Pepe (PEPE) increased by 16.97 percent in the last 24 hours, Floki (FLOKI) increased by 22.32 percent in the last 24 hours, and Shiba (SHIB) increased by 11.67 percent in the last 24 hours. Brett (BRETT), the most popular memecoin of the Base network, attracted attention with its rise of 28.16 percent.
Conclusion
From the overall market analysis Today, we observe a landscape characterized by resilience, price action, and trends. Bitcoin and Ethereum continue to lead the market, supported by institutional adoption and technological advancements. Altcoins and memecoins offer diverse investment opportunities with high returns and heightened volatility. The DeFi and NFT sector thrive amidst regulatory uncertainties, driving industry evolution and adoption.
Investors and traders navigate this dynamic landscape with caution, employing technical analysis, risk management, and compliance measures. While challenges persist, optimism prevails as cryptocurrencies redefine finance, technology, and society at large.
