The total crypto market cap (TOTAL) fell by $105 billion in the last 24 hours and Bitcoin (BTC) is sitting at $115, 458 at the moment. Among the altcoins, Pump,fun (PUMP) took the top spot, leading losers with a 21% decline.
In the news today:-
- MicroStrategy plans to expand its STRC offerings from $500 million to $2 billion to buy more Bitcoin, aiming to hold 1 million BTC. Several investment banks, including Morgan Stanley, are reportedly interested in buying, despite Bitcoin’s recent all-time high.
- XRP dropped over 15% from its July 17 high of $3.65 after Ripple co-founder Chris Larsen transferred 50 million XRP. Blockchain investigator ZachXBT reported that around $140 million of these tokens were sent to centralized exchanges or off-ramp services.
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The Crypto Market Continues Its Decline
The total crypto market cap has fallen by $105 billion, reaching $3.72 trillion after breaking through two significant support levels of $3.80 trillion and $3.73 trillion. The recent downturn in major altcoins, particularly meme coins, has contributed to a broader market slump.
This weakening trend has further impacted the overall crypto market. As the market continues to cool down, the risk of a deeper decline is high, which could push the total market cap to $3.61 trillion.
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If the market starts to recover, there is potential for a rebound. If the total market cap can reclaim $3.73 trillion as support, a climb back to $3.80 trillion may be possible. The market’s resilience will depend on investor sentiment and the performance of key assets within the space.
Bitcoin Escaped Consolidation But For The Worse
Bitcoin’s price is down 2.7% today, trading at $115,458. The recent drop follows a nearly two-week consolidation above $117,261, breaking this support level. The decline signals potential weakness in the market, with investors assessing the next steps for Bitcoin’s trajectory in the coming days.
Despite strong institutional support, Bitcoin faces headwinds as the market cools down. If this trend continues, Bitcoin’s price is likely to fall below $115,000, potentially reaching the $111,187 level. Such a drop would signal further weakening, especially if market sentiment doesn’t improve soon.
However, Bitcoin could see a rebound if it manages to find support at the $115,000 level. A bounce at this critical point could pave the way for a recovery, allowing Bitcoin to reclaim $117,261 as support. This scenario would invalidate the current bearish trend and provide a foundation for upward momentum.
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Pump.fun Holders Are Not Having Any Fun
PUMP price is down 21% in the last 24 hours, currently trading at $0.00242. The newly launched token is seeing a sharp decline, losing both its initial hype and launch day gains. This sharp drop indicates waning investor confidence in the short-term potential of the altcoin.
Since its launch, PUMP has lost over 63% of its value, continuing its downtrend. The token’s next support level is at $0.00212, which could be tested in the coming days if selling pressure persists. This continued decline highlights the altcoin’s struggles amid a cooling market.
If PUMP manages to recover from the recent losses, it could potentially reclaim $0.00249 as support. A successful bounce at this level would help the altcoin attempt a recovery toward $0.00292, offering a chance for the price to stabilize and build momentum.
source : https://beincrypto.com