The total crypto market cap (TOTAL) is close to breaching a key barrier, while Bitcoin’s price has already passed one. However, the highlight of the day is SEI, as the altcoin charted a 25% rise in 24 hours.
In the news today:
The Securities and Exchange Commission (SEC) settled charges against Rari Capital, its co-founders, and Rari Capital Infrastructure LLC for misleading investors, unregistered securities offerings, and unregistered broker activity related to two blockchain investment platforms. These platforms once held over $1 billion in crypto assets.
Former President Donald Trump made headlines by purchasing burgers with Bitcoin at PubKey in NYC, marking his first public crypto transaction. This move aligns with his 2024 campaign’s shift toward embracing digital assets.
The Crypto Market Is Doing Better
The total crypto market cap surged by $58 billion in the last 24 hours, now standing at $2.09 trillion. This growth brings TOTAL closer to breaking through the critical resistance level at $2.11 trillion, sparking optimism among investors.
In the past month, TOTAL has breached this barrier only once, but a repeat seems likely due to renewed bullishness. The recent Federal Open Market Committee (FOMC) meeting, which saw a 50 basis point (bps) interest rate cut—the first in four years—has been a key catalyst. The current interest rate now sits between 4.75% and 5.00%.
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Total Crypto Market Cap Analysis. Source: TradingView
If TOTAL breaches the $2.11 trillion resistance, it could rise toward the next target of $2.18 trillion. However, failure to break through will likely result in continued consolidation below $2.11 trillion, mirroring previous market behavior.
Bitcoin’s Price Breaks Key Barrier
Bitcoin’s price is currently trading at $62,070, having successfully broken past the $61,725 resistance for only the second time in over a month. This move could pave the way for BTC to climb toward $65,000, sparking optimism among investors.
The market’s anticipation of a rally could further increase Bitcoin’s price. The next key resistance sits at $65,292, where many investors may choose to take profits, leading to potential price fluctuations.
Read more: Bitcoin Halving History: Everything You Need To Know
Bitcoin Price Analysis. Source: TradingView
However, since Bitcoin has previously fallen back below $61,725 after similar gains, a repeat of this pattern cannot be ruled out. This would invalidate the current bullish outlook and lead to potential losses.
SEI Impresses Investors
SEI’s price outperformed all of the top 100 cryptocurrencies, surging to $0.337, which marked a 25% rise in just one day. This impressive rally has recently made SEI one of the best-performing altcoins, drawing attention from both traders and investors. The substantial price movement signals growing confidence in the asset, but its next moves will be crucial to maintaining this momentum.
Currently, SEI is looking to establish support at $0.309. Finding this support will be critical for sustaining the bullish momentum, especially if investors begin taking profits. Should SEI hold this level, the altcoin could continue its upward movement and potentially reach $0.395, a significant target for the short-term outlook.
Read More: What Is Fiat Currency? How Does It Differ From Cryptocurrency?
SEI Price Analysis. Source: TradingView
However, if SEI fails to maintain the $0.309 support level, it could lose momentum and drop below $0.300. This scenario would invalidate the current bullish outlook and push the price down toward the $0.258 support floor, raising concerns about further declines for the altcoin.
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