On Tuesday, the total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) reached an all-time high (ATH), followed by a slight drop. Some altcoins performed poorly as the overall market signals turned bearish, with Hedera Hashgraph (HBAR) being the worst performer, dropping nearly 14% in the past 24 hours.
The cryptocurrency market is stabilizing
Currently, the total market capitalization of cryptocurrencies is $3.01 trillion, slightly below the peak of $3.10 trillion reached on Tuesday. Despite signs of slowing momentum, the market remains resilient, maintaining near historical highs.
The total market is stabilizing above the key support level of $2.93 trillion, indicating potential for continued growth. If market conditions remain favorable without significant sell-offs, the cryptocurrency market may maintain its upward trend, supporting investor sentiment.
However, falling below the support level of $2.93 trillion could lead to a drop to $2.75 trillion. This level is the next major support, and further declines could challenge the market's recovery.
Bitcoin hits a new high
Bitcoin reached an all-time high of $93,912 on Tuesday and then slightly retreated. It is currently trading at $92,186, and the king of cryptocurrencies remains in a critical area, reflecting continued investor optimism despite slight fluctuations.
BTC is stabilizing above the key support level of $89,800, aiming for stability. Falling below this point could trigger losses, prompting investors seeking to protect recent rebound gains to become more cautious.
If Bitcoin falls below the support level of $89,800, it could drop to $85,000, leading to a significant delay in recovery. Such a drop could trigger selling pressure as investors lock in profits, further challenging BTC's upward trajectory.
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Hedera Hashgraph lost a significant amount of profit
HBAR surged rapidly, skyrocketing over 239% in two weeks, becoming one of the standout currencies this month. However, the recent decline over the past 24 hours has weakened its upward momentum, raising concerns among investors as profits shrink amidst increased volatility in the cryptocurrency market.
In the past day, HBAR has dropped 13.8%, erasing most of its earlier gains. The current trading price of this altcoin is $0.123, a level that may determine its short-term trajectory, depending on whether it can secure stable support or faces continued selling pressure.
If the downward trend continues, HBAR may drop to the next key support level of $0.099. Falling to this level could delay recovery efforts, challenge altcoins' ability to maintain earlier gains, and suppress investor optimism in the short term.
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