The total crypto market cap (TOTAL) and Bitcoin (BTC) appear to be cooling down from the recent rally. Some altcoins are seemingly following this path, too, with Arweave (AR) observing a 6% decline.
In the news today:-
- Crypto Exchange KuCoin announced the delisting of Fetch.ai (FET) and SingularityNET (AGIX). The exchange noted the FET, AGIX, and OCEAN (Ocean Protocol) merger into a single token, Artificial Superintelligence Alliance (ASI), as the reason.
- VanEck, one of the biggest asset managers in the world, predicted that Ethereum would reach a valuation of $22,000 per ETH by 2030. The asset manager made the prediction based on the spot ETH ETF approval while also predicting ETH to be worth $154,000 by 2030 in a bull case.
The Total Market Cap Dips
The total crypto market cap currently stands at $2.56 trillion, having lost $11 billion in the last 24 hours. TOTAL was in the process of breaching the $2.61 trillion barrier before failing due to the market cooling down from the recent rally.
However, the Relative Strength Index ( RSI ) is still in the bullish zone above the neutral line at 50.0. This is a sign that the total valuation of the crypto market could continue rising, potentially breaching $2.61 trillion.
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In the worst case, where TOTAL changes direction and slides further, a drop to $2.50 trillion cannot be ruled out.
Bitcoin’s Price Remains Steady
Bitcoin’s price is trading at $70,800 at the time of writing, following a massive surge over the past week. The crypto asset is still under critical resistance of $71,800, which it has attempted to breach for the past three months.
The broader market macro cues are still bullish, which is a good sign for BTC as they could help the asset rise above the $71,800 barrier. This would potentially enable Bitcoin’s price to cross the all-time high of $73,650.
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Should the breach fail again, BTC could drop back to the critical support floor of $68,500.
Arweave Could Bounce Back
Arweave dropped by 6% in the last 24 hours, caught between the market’s cooling down and bears’ crossfire. The altcoin can be seen changing hands at $43.3 at the moment, attempting to secure $45 as a support floor.
The RSI exhibits a bullish case for AR as the indicator is still above the neutral line in the bullish zone. This suggests that the altcoin could continue its rise, and a breach of $48.5 could enable a rise to $50.0.
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But a bearish outcome could be likely if the RSI slips below the neutral line. This could send AR down to $40 or lower towards the crucial support line at $37.0.
