The total crypto market cap (TOTAL) and Bitcoin (BTC) rallied on the back on US and China’s trade talks continuing for a second day. Macro financial markets improved, also impacting crypto tokens, with FARTCOIN leading wih a 17% rise today.
In the news today:-
- Meme coins focused on US politics have gained traction on decentralized exchanges, often inspired by events like the Trump/Musk split and protests in Los Angeles. Tokens such as Grand Theft America and Kill (the) Bill reflect a more decentralized nature compared to centralized coins like TRUMP.
- New research reveals that 93 of the top 100 traders on Pump.fun and PumpSwap are AI trading bots, operating for over 18 hours daily. Despite high trading volume from non-bot accounts, some analysts question the study’s methodology, suggesting it might have inaccurately flagged human traders as bots.
The Crypto Market Jumps
The total crypto market cap has increased by $117 billion over the last 24 hours, now standing at $3.37 trillion. This surge has been driven by the continuation of trade talks between the US and China in London, boosting market sentiment. These developments are fueling optimism in the broader financial markets.
The ongoing trade discussions between the US and China are having a positive effect on the financial and cryptocurrency markets. If these talks continue to progress, the total crypto market cap may push past the $3.43 trillion resistance level. This would mark a significant step forward for the market’s growth.
However, if the market sentiment shifts and the crypto market faces downward pressure, the market cap may test the support level at $3.31 trillion. A drop below this level would signal weakness in the market, potentially leading to further declines in the overall crypto market capitalization.
Bitcoin Rises To $110,000
Bitcoin’s price has risen 3.5% in the last 24 hours, breaking the $110,000 resistance for the first time in over two weeks. However, this upward momentum was short-lived, and Bitcoin quickly pulled back from this level. The market remains volatile, and further price movements depend on broader market conditions.
Currently trading at $109,416, Bitcoin remains under bullish market conditions. If the market continues to favor upward momentum, Bitcoin could flip $110,000 into support. This would pave the way for a potential rise toward the all-time high (ATH) of $111,980, pushing Bitcoin to new price levels.
If investors begin selling at the current price, Bitcoin could face a decline. A drop to $108,000 is a likely scenario, with further pressure potentially pushing the price down to $106,265. A loss of these support levels would signal a bearish trend, undermining the recent bullish momentum.
Fartcoin Marks An 18% Rally
FARTCOIN has emerged as the best-performing altcoin of the day, posting a 17% rise. Currently trading at $1.21, the meme coin is working to secure $1.20 as support. Successfully holding this level will be essential for maintaining upward momentum and targeting higher price levels in the near future.
Securing $1.20 as support is critical for FARTCOIN to continue its bullish movement. If the meme coin holds this level, it can target the next resistance at $1.54. The Parabolic SAR below the candlesticks suggests bullish momentum, providing optimism for further upward movement in FARTCOIN’s price.
However, if FARTCOIN fails to maintain $1.20 as support and falls below it, the price could decline back to $1.00. A drop to this level would invalidate the bullish outlook and erase the losses noted recently.
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