The total crypto market cap (TOTAL) and Bitcoin (BTC) are continuing their ongoing uptrend, with the latter sitting close to breaching past $65,000. On the altcoin’s end, Core (CORE) managed to top the best performer’s list, rising by 14.5% in the last 24 hours.
In the news today:
- BingX suffered a loss of over $26 million in digital assets early Thursday, highlighting ongoing vulnerabilities in crypto platforms. PeckShield detected suspicious transactions, with an initial outflow reported at $13.6 million.
- Terraform Labs received court approval to wind down operations after settling a $4.47 billion SEC lawsuit related to its 2022 TerraUSD and Luna token collapse. The company was found liable for defrauding investors who lost $40 billion.
The Crypto Market Continues To Rise
The total crypto market cap has surged by $64 billion in the last 24 hours, reaching $2.14 trillion. This growth pushed the market cap past the $2.11 trillion resistance level, signaling a bullish trend across the market.
The ongoing bullish sentiment could push the market cap to breach the $2.18 trillion resistance level, historically a significant hurdle. Should this threshold be surpassed, the next target would be $2.29 trillion, reflecting increased demand for cryptocurrencies and boosting investor confidence.
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However, the $2.18 trillion level has been a significant resistance point, and if the market fails to breach it, a cooling-off period could follow, dissipating the bullish momentum.
Bitcoin Approaches $65,000
Bitcoin’s price, currently trading at $63,562, saw a 3% rise over the past day, hitting a three-week high. In doing so, BTC breached the $61,725 resistance level and is now targeting a surge towards $65,292.
This would reflect the strong bullish momentum BTC has seen over the last 11 days. Breaching this barrier would mark a one-and-a-half-month high, as the previous time Bitcoin closed above $65,292 was in early August.
Read more: Bitcoin Halving History: Everything You Need To Know
But, failure to breach this barrier poses a threat to Bitcoin’s rise. Given its previous struggles to sustain above this level, BTC could again fall back to $61,725.
Core Investors Are In The Green
Core emerged as the best-performing altcoin over the last 24 hours, noting a 14.5% rise. Trading at $1.103, the asset is close to breaching the $1.110 resistance level and flipping it into support.
If this barrier is broken, CORE could aim to invalidate the crucial resistance at $1.254. The last time this altcoin was above this level was in early August, and surpassing it would bring substantial gains to investors.
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On the other hand, if history repeats itself and Core faces selling pressure, the $1.254 resistance may hold strong. Failing to breach $1.110 would invalidate the bullish outlook altogether.
Disclaimer
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