Bullish Trends in Crypto Today: TOTAL Eyes New Highs with Strong Buyer Demand
The cryptocurrency market is experiencing a notable surge today, driven by increased trading activity, renewed investor optimism, and key developments in major assets. Bitcoin, the market leader, is making significant strides as it inches closer to reclaiming its all-time high, bolstering confidence across the sector. Meanwhile, altcoins are following suit, with Algorand standing out after reaching its highest price level in two years. This upward momentum reflects growing market activity and a resurgence of positive sentiment, as traders and investors capitalize on a more resilient economic outlook and favorable market conditions.
The crypto market has gained 2.27% in the last day, continuing its upward trajectory. Right below the upper line of the horizontal channel that it has been trending within for the past week, TOTAL is at $3.37 trillion. At $3.03 trillion, TOTAL has found support after encountering resistance at $3.30 trillion. This resistance level needs to be broken above in order for TOTAL to turn into a support floor and recover its all-time high of $3.34 trillion. This might occur soon if the market continues to see strong purchasing demand.
Bitcoin Hits $97K: Positive BoP Signals Potential for $100K Breakout
With a current price of $97,244, Bitcoin has increased by 1.57% in the last day. The leader coin is currently trading below its peak of $99,588, which was reached seven days ago. There may be a short-term rise over this level due to the coin’s increasing demand, which is shown by the positive readings from its Balance of Power (BoP) indicator. This indicator compares price fluctuations over a given time period to determine the strength of buyers vs. sellers. Buyer dominance indicates possible upward market momentum when the BOP is positive. Bitcoin can try to rise toward the psychological $100,000 price threshold if the upward trend persists.
ALGO Price Soars: Algorand Reaches Two-Year High Ahead of India Summit
In the early Asian session on Friday, the price of Algorand surged to $0.3759, a two-year high. ALGO is currently trading at a price level last seen in 2022, despite a modest retracement since then. Its price has increased by 27.55% in the last day, while trading volume has increased by about 275%. The increased interest in the token might be attributed to the anticipation of the ALGO Foundation India Summit, which is set for next week. ALGO is expected to rise beyond $0.35 and get close to $0.45 if the upward trend persists.
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