With the improvement in macroeconomic financial conditions, the total market capitalization (TOTAL) of cryptocurrencies and Bitcoin (BTC) have experienced an impressive weekend. Due to the launch of a new Layer-3 chain, ApeCoin (APE) also became the best-performing currency of the day, with a gain of nearly 100%.
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Additionally, the 24-hour trading volume has increased by 65.13%, indicating increased trader activity. The Fear and Greed Index is at 63, suggesting that the market sentiment is becoming increasingly greedy as Bitcoin's dominance has grown to 57.2%.
Cryptocurrency Market Rises
The total cryptocurrency market capitalization is currently $2.32 trillion, with a $39 billion increase in market value on Sunday. The recent surge has reignited optimism across the entire market, and investors are closely monitoring the market's performance in the coming days.
With the total market capitalization breaking through the critical $2.29 trillion mark, it has reached the highest level in two and a half months. This upward momentum is pushing the market towards the next key level of $2.40 trillion. If the market continues this trend, it could signal a sustained rise in cryptocurrencies.
However, if the market falls below the critical $2.29 trillion support level, a decline may occur. This could cause the total market capitalization to drop to $2.24 trillion, reversing some of the recent gains.
Bitcoin Today: Record Inflows, BTC Price Nears $70,000
The steady rise of Bitcoin continues, with the price currently hovering around $69,107. The open interest in Bitcoin derivatives has reached a record $40.5 billion, and traders expect Bitcoin to rise to $70,000.
Last week, Bitcoin ETF inflows reached $2.13 billion, further boosting investor confidence. Although Bitcoin is still 6.51% below its all-time high, its momentum remains strong as it attempts to break through resistance levels.
Altcoin Observation: Ethereum and Solana Shine
Ethereum has risen 3.66% in the past 24 hours, with $78.89 million flowing into the US spot ETH ETF weekly. Ethereum's dominance is 13.8%, reflecting its stable position in the market.
Solana has become one of the best-performing Altcoins, with a 6.59% gain, reaching a price of $170.39. Solana's strong performance indicates growing interest in its network and ecosystem, setting it apart in the Altcoin market. Meanwhile, Ethereum's XRP price has increased slightly by 1.22% to $0.5487.
The Launch of Apechain Drives Surges in ApeCoin, dYdX, and Mina
ApeCoin has become the focus, soaring 100% with the launch of the Apechain network. The token's price skyrocketed from $0.88 to $1.62 in just six hours. Meanwhile, dYdX has risen 25.81%, and Mina Token has increased by 12.92%, making them some of the best-performing tokens in the market.
ApeCoin Surges Beyond Expectations
On Sunday, following the launch of its Layer-3 chain, ApeChain, the price of ApeCoin saw a significant surge. This new development has sparked strong investor interest, leading to a substantial increase in the cryptocurrency's price.
The launch of ApeChain caused the Ape price to skyrocket 98% intraday, and ApeCoin ultimately closed the day up 71%. Currently, APE faces resistance at $1.57, a critical level for traders seeking a sustained upward trend. Breaking through this barrier could lead to further gains.
Despite the positive outlook, ApeCoin is only slightly above the $1.35 support level. If this support is lost, APE could drop to $1.09, invalidating the current bullish case.
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