The cryptocurrency market is seeing a strong recovery, with the total market cap nearing a significant milestone of $2.11 trillion. This upward trend comes after weeks of consolidation, signaling potential for further gains. Bitcoin (BTC) is leading the charge, surpassing the $60,000 mark, while AAVE is on the verge of a major breakout.
Market Overview
The total cryptocurrency market cap is currently at $2.10 trillion, showing a gain of over $73 billion in the last 24 hours. The market will likely break past the $2.11 trillion resistance level. This could lead to a surge up to $2.20 trillion. However, if the market fails to breach this level, it may continue to consolidate between $2.11 trillion and $2.00 trillion.
Bitcoin’s Progress
Bitcoin has reclaimed the crucial $60,000 level, a positive sign for its ongoing recovery. To maintain this momentum, BTC needs to secure this level as a support. Additionally, this could propel it toward $63,100 and possibly $65,000. However, if Bitcoin fails to hold above $60,000, it may retrace to $58,000, potentially negating the bullish outlook.
AAVE’s Breakout Potential
AAVE has seen a significant increase, rising 14.5% in the past day to reach $127. The altcoin is approaching the critical $129 level, which could trigger a 30% rally to $167. However, profit-taking could occur, potentially pushing AAVE back down to $116 before any further gains are realized.
In Other News
- Kamala Harris is considering nominating SEC Chair Gary Gensler as Treasury Secretary if she wins the upcoming election.
- Solana-based DEX Mango Markets is voting on a proposed $223,228 settlement with the SEC, which could conclude the investigation following its October 2022 exploit.
These developments highlight the dynamic nature of the crypto market as it continues to evolve and respond to both market forces and regulatory news.
