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Why has the cryptocurrency market increased today?

The total cryptocurrency market capitalization (TOTAL) and the price of Bitcoin (BTC) are currently low due to bearish macroeconomic conditions. The recent approval of Ethereum instant deposits and the FIT21 cryptocurrency regulatory framework bill have so far had no bullish impact on the market.

However, small-cap token JasmyCoin (JASMY) impressed investors with a 31% surge in 24 hours.

In today's news: -

  • Justin Sun publicly defends a US presidential candidate who supports cryptocurrencies. He wrote on Twitter that it is necessary to demonstrate to the candidate that the voices of the cryptocurrency community and businesses must be heard and interests protected.

  • Former US President and candidate Donald Trump has pledged to free Silkroad founder Ross Ulbricht. Trump indicated that Ulbricht would be pardoned on day one if re-elected.

The overall rise in cryptocurrency market capitalization has been temporarily halted

The total market capitalization of cryptocurrencies currently stands at $2.5 trillion and has been hovering around this level for about a week. Total managed to break this barrier but quickly fell below this level. In a bearish macroeconomic context, the expected rise in total market capitalization, which is expected to exceed $2.61 trillion, has become a sideways movement.

This will continue in the coming days until the market sees renewed optimism.

Learn more: 9 Best Altcoin Exchanges in 2024

Analysis of the total market capitalization of cryptocurrencies.
Analysis of the total market capitalization of cryptocurrencies. Source: Commercial view

But if bearish signals dominate the market, a decline to $2.4 trillion cannot be ruled out. It could also wipe out much of the inventors' gains.

Bitcoin Price Stabilizes at Crucial Support Level

Bitcoin price is trading at $68,571 at the time of writing after failing to breach the resistance at $71,800. Holding support at $70,000 or bouncing off it would have allowed BTC to continue rising, but that didn't happen either.

As a result, the crypto asset currently sits above the $68,500 support floor that BTC has repeatedly tested.

Learn more: Bitcoin Halving Date: Everything You Need to Know

Bitcoin price analysis.
Bitcoin price analysis. Source: Commercial view

A fall below this support could cause a significant pullback, which could cause the price to decline. Bitcoin At $64,800.

JasmyCoin in the spotlight

JasmyCoin, the native cryptocurrency token of Tokyo-based IoT company Jasmy Corporation, has benefited from the small uptrend remaining in the market. The altcoin outperformed all other major altcoins to become the best performing in the last 24 hours.

register JASMY A 30% increase took the crypto asset from $0.021 to $0.027 and thus reached a two-year high.

Read more: What do you know about Jasmi currency?

JasmyCoin price analysis.
JasmyCoin price analysis. Source: Commercial view

Even though the all-time high is far away, the next major support is also far away. Therefore, if investors do not support this rally, the chances of reaching it could fade with JASMY falling to the crucial support level at $0.024.

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