The Crypto Market Moves Up

The total cryptocurrency market capitalization has seen a notable uptick, now at $2.95 trillion, bolstered by Bitcoin's influence on altcoins. Ondo (ONDO) has particularly shone, surging 23% in the past 24 hours.

News Highlights

• Caroline Pham, acting chair of the CFTC, has announced ongoing discussions between the CFTC and SEC, aiming to enhance regulatory collaboration for digital assets.
• Bitwise has submitted a filing to establish an Aptos ETF, driving positive momentum for Aptos amidst a flurry of ETF applications to the SEC.

The Market's Positive Shift

The overall market capitalization within the crypto space increased by $127 billion in the last day, nearing the crucial resistance level of $3.00 trillion. This growth indicates a bullish sentiment in the market, influenced by wider market trends and a decrease in volatility, paving the way for a potential upward breakout.

A successful breach of the $3.00 trillion mark could lead to further ascension towards $3.09 trillion. On the flip side, failure to sustain above this threshold may lead to a downturn, particularly if support levels at $2.93 trillion are broken.

Bitcoin Approaches Key Resistance

Currently, Bitcoin is trading at $91,717, close to a vital resistance level of $92,005. Persistent upward movement hinges on overcoming this barrier, with the next significant target positioned at $93,625. A breakout here could spark increased investor interest and further price rallies.

If Bitcoin breaches $92,005 with low selling pressure, it could flip $93,625 into a support level, propelling prices towards $95,761. However, a failure to maintain momentum could see Bitcoin dropping below $89,800, possibly leading to a downturn towards $87,041.

Ondo's Remarkable Rise

Ondo has surged by 24% recently, currently priced at $1.19 after surpassing the pivotal resistance of $1.10. With substantial buying activity, ONDO is eyeing a new resistance target at $1.27, indicating strong potential for continued upward momentum.

For ONDO to maintain its ascent, it requires sustained buying support. Should it convert $1.27 into a new support level, further increases towards $1.48 could materialize. Conversely, any sharp sell-offs that push the price below $1.10 may reverse this positive trend, testing lower support levels like $0.96.