Total cryptocurrency market capitalization (TOTALCAP) and Bitcoin (BTC) both registered declines amid growing bearishness across financial markets. Aptos (APT) took the top spot among altcoins, emerging as the dayâs biggest loser.
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Cryptocurrency market continues to decline
The total cryptocurrency market cap recorded a decline of $47 billion in 24 hours as TOTALCAP lost support at $2.11 trillion. In doing so, the price also fell back to the uptrend line.
Currently, the market cap is hovering at $2.08 trillion, above the $2 trillion support level. Reclaiming $2.11 trillion is still on the cards, provided broader market cues turn bullish.
TOTALCAP Chart on TradingView
Selling among investors, on the other hand, could result in further losses, leading TOTALCAp to test $2 trillion as support.
Bitcoin in decline
Bitcoin has followed broader market trends, currently trading at $60,947. Despite the decline, the asset is holding a strong position above the crucial $60,000 support level. This key support has so far prevented further losses and is critical for the near-term price outlook.
BTCâs goal is to break out and turn $61,868 into a support level. Doing so successfully could take the cryptocurrency to $65,292, but such a move will require strong investor confidence and market participation to maintain upward momentum.
Bitcoin (BTC) Chart on TradingView
However, if Bitcoin loses support at $60,000, it risks falling further to $57,270, potentially intensifying market losses and shaking investor confidence.
Read more: Top 5 Most Secure Bitcoin Wallets of 2024
Aptos becomes a victim
Aptos has seen a 9% decline in 24 hours, currently trading at $8.42. Despite the decline, it remains above the 0.382 Fibonacci retracement line, offering hope for a potential recovery. Investors are closely watching to see if this level holds.
Support at $8.23 aligns with the pullback and is critical for Aptos. Losing this support could lead to a deeper decline, potentially pushing the price to $6.65.
Aptos (APT) Chart on TradingView
However, if Aptos rebounds from the 38.2% Fibonacci line, the price could rise to $9.79. Breaking this barrier would open the door for a new rally, potentially sending APT towards the $10 level, revitalizing market optimism.
The article Why is the cryptocurrency market falling today, 10/10/2024? was first seen on BeInCrypto Brazil.
