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Highlights
- Bitcoin continues its upward trend, trading near $100,000.
- Altcoins show mixed performance with some gaining and others losing.
- The global cryptocurrency market cap rises to $3.52 trillion.
Bitcoin's price has shown remarkable growth as it approaches the $100,000 mark, keeping the focus on whether it will break through this significant level. As of Monday, Bitcoin was trading at around $99,487, up 1.2% from the previous day. The cryptocurrency has had difficulty crossing the $100,000 barrier for the past two weeks, which has heightened the anticipation surrounding its next move.
Ethereum, another major cryptocurrency, saw a modest rise of 1%, trading at $3,671. Other popular altcoins displayed mixed reactions. While XRP, Cardano, Avalanche, Chainlink, and Polkadot recorded gains, some altcoins such as Solana, Dogecoin, Sui, Hedera, and Tron experienced slight declines of up to 1%.
The global cryptocurrency market cap saw a slight increase, growing by 0.53% to reach $3.52 trillion, signaling continued interest and investment in the sector.
As Bitcoin hovers near $100,000, traders are keeping a close eye on the resistance level at $99,400 and the support at $96,000. Edul Patel, CEO of Mudrex, noted that if Bitcoin manages to surpass the resistance at $99,400, it could target a higher value, potentially reaching $108,353 and beyond.
The rising demand for Bitcoin, evidenced by inflows into exchange-traded funds (ETFs) and a reduction in selling pressure, suggests that the market remains optimistic. Sathvik Vishwanath, Co-Founder & CEO of Unocoin, pointed out that Bitcoin's continued rise could push altcoins like Solana, SUI, ICP, and ENA higher. However, for now, Bitcoin’s performance is largely driving the overall market sentiment.
