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Why did the cryptocurrency market fall today?

The total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) appears to be calming down after the recent rally. Some altcoins also appear to be following this path, with Arweave (AR) noticing a 6% decline.

In today's news: -

  • The change announced KuCoin cryptocurrency has been delisted (FET) and SingularityNET (AGIX). The exchange cited as a reason the merger of FET, AGIX and OCEAN (Ocean Protocol) into a single token, the Artificial Super Intelligence Alliance (ASI).

  • VanEck, one of the world's largest asset managers, predicted that Ethereum will reach a valuation of $22,000 per ETH by 2030. The asset manager made this prediction based on the endorsement immediate ETF by ETH, while also predicting that ETH will be worth $154,000 by 2030 if it rises. of.

Decrease in the total market value of cryptocurrencies

The total cryptocurrency market capitalization currently stands at $2.56 trillion, having lost $11 billion in the last 24 hours. Total was on track to cross the $2.61 trillion mark before going bankrupt following the market slowdown following the recent rally.

On the other hand, the Relative Strength Index (RSI) remains in the bullish zone above the neutral line at 50.0. This is a sign that the overall valuation of the cryptocurrency market could continue to rise, which could lead to a breakout of $2.61 trillion.

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Analysis of total market capitalization.
Total market value analysis. Source: Commercial view

In a worst-case scenario, where TOTAL changes direction and continues to decline, a decline to $2.5 trillion cannot be ruled out.

Bitcoin price remains stable

Bitcoin price is trading at $70,800 at the time of writing, following a massive rise over the past week. The crypto asset remains below critical resistance at $71,800, which it has attempted to break over the past three months.

The overall signals for the entire market remain bullish, which is a good sign for BTC as it could help the asset surpass the $71,800 barrier. This could potentially allow the price of Bitcoin to surpass its all-time high of $73,650.

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

If the breakout fails again, BTC could fall to the critical support level of $68,500.

Arweave can bounce back

Arweave is down 6% over the past 24 hours, caught between a market slowdown and a bearish fire. The altcoin is currently trading at $43.3, trying to get $45 as a support floor.

The RSI shows a bullish argument for AR as the indicator remains above the neutral line in the bullish zone. This indicates that the altcoin could continue to rise and a break above $48.5 could lead to a rally to $50.0.

Arweave Price Analysis.
Arweef Price Analysis. Source: Commercial view

But a bearish outcome could be possible if the RSI drops below the neutral line. This could lead to AR falling to $40 or lower towards the crucial support line at $37.0.

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