The market resumed trading for the day on a positive note, with the market capitalization up 2.31% to $2.08 trillion. Bitcoin price retested the $61,000 level before correcting back towards the $60,000 level. This came as hopes grew for a rate cut at the FOMC meeting held today. However, ETH, SOL, and XRP failed to show any improvement.
If you want to know more about the crypto and get first-hand cutting-edge information, please visit Weibo Dolphin 1 for more good articles .
The total cryptocurrency market capitalization (TOTAL) has increased by $53 billion in the past 24 hours, with the price of Bitcoin (BTC) also managing to retake key support levels. Altcoin have also performed quite well, with Nervos Network (CKB) up 14% in the past day.
Cryptocurrency market recovery
The total cryptocurrency market capitalization has experienced a brief recovery, adding $53 billion in the past 24 hours. This has brought the total market capitalization back above $2 trillion and currently stands at $2.03 trillion. The recent rise has fueled investor optimism and bodes well for potential stability.
As market participants await the upcoming Federal Open Market Committee (FOMC) meeting, JPMorgan Chase CEO Jamie Dimon said the Fed may only cut interest rates by 25 basis points (bps) instead of the expected 50 bps. This move could have unpredictable effects on the stock and cryptocurrency markets.
Despite the uncertainty, bullish sentiment could push Total closer to the $2.11 trillion resistance level. This level has not been breached in the past three weeks, making it a key target for further gains in the market.
Risk-on sentiment drives cryptocurrency markets higher
Today’s gains reflected strong momentum in the U.S. stock market. The S&P 500 hit a record high of 5,670.81, up about 20% in 2024. The performance underscores the impact of surging valuations of the largest companies listed on U.S. stock exchanges.
Meanwhile, market participants have turned their attention to the Federal Reserve’s decision following the two-day Federal Open Market Committee (FOMC) meeting scheduled for September 17 and 18.
The U.S. central bank is expected to begin a series of interest rate cuts on Sept. 18 after raising borrowing costs to their highest level in nearly two decades.
Whatever the Fed does tomorrow, half the market is going to be unhappy with it.
The market structure is strengthening and is expected to bring more benefits
From a technical perspective, the cryptocurrency market cap is trading within a prevalent Double Botto channel pattern, suggesting that it could continue to exhibit bullish price action.
The Double Botto scenario was somewhat confirmed by the fact that the cryptocurrency market cap fell below $1.7 trillion on August 5, then quickly recovered to $2.24 trillion and returned to the $1.81 trillion level on September 6. If this pattern holds, the cryptocurrency market cap could rebound to $2.42 trillion.
CKB tops the charts
Nervos Network’s native token CKB has seen the biggest price increase among Altcoin, becoming the best performing asset in the past 24 hours. The rally has caught the attention of investors, making CKB a top performer in the cryptocurrency market.
CKB is currently trading at $0.018, having gained 14% over the past day. This ongoing bullish momentum continues last week’s performance, which saw the Altcoin hit an intraday high of 313% before retracing to a 50% gain. The upward trend indicates that the market is positive about the coin.
However, a bearish scenario cannot be completely ruled out. While CKB may break the $0.020 resistance and continue to rise, there is a risk of losing the $0.016 support. If this happens, the Altcoin could drop to $0.012, invalidating the current bullish outlook.
The article ends here. Follow Weibo Dolphin Dolphin 1 for more good articles. If you want to know more about the relevant knowledge of the crypto and first-hand cutting-edge information, please consult me. We have the most professional communication community, publishing market analysis and high-quality potential currency recommendations every day. There is no threshold to join the group, and everyone is welcome to communicate together!
