by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is up today, with the cryptocurrency market capitalization rising by 1%, now standing at $4.36 trillion.
  • A quarter of the top 100 coins have appreciated over the past 24 hours.
  • At the same time, the total crypto trading volume is at $198 billion.
  • At the time of writing, 8 of the top 10 coins per market capitalization have appreciated over the past 24 hours.

What Happened

“Improving liquidity, robust ETF inflows, and rising on-chain profitability highlight that this breakout is being supported by structural capital inflows and renewed investor participation, not speculative excess,” the analysts say.

Additionally, BTC’s cost basis distribution shows “thin support” between $121,000 and $120,000. There is a key cluster near $117,000 where around 190,000 BTC were last acquired. “A pullback into this area could attract demand as recent buyers defend the level,” Glassnode concludes.

Market Context

The crypto market is up today, with the cryptocurrency market capitalization rising by 1%, now standing at $4.36 trillion. A quarter of the top 100 coins have appreciated over the past 24 hours. At the same time, the total crypto trading volume is at $198 billion.

At the time of writing, 8 of the top 10 coins per market capitalization have appreciated over the past 24 hours.

Bitcoin (BTC) is unchanged over the past day, currently trading at $123,883.

On the other side, the highest drop is 13.5% by Provenance Blockchain (HASH), now trading at $0.03243. It’s the only double-digit drop.

Moreover, Japan’s “Iron Lady” and crypto supporter, Prime Minister Sanae Takaichi, has continued raising optimism across cryptocurrency and financial markets.

According to Glassnode, BTC’s latest ATH was driven by renewed spot demand, record ETF inflows, and strong flows across derivatives markets.

Moreover, the market has entered the fourth quarter “on a strong footing, with a foundation of genuine demand and a healthier balance between leverage, liquidity, and realized profitability.”

Meanwhile, Bitunix analyst commented that the easing of geopolitical tensions would help shift market focus back toward the US Federal Reserve’s policy trajectory, as well as the overall liquidity conditions, “sustaining risk appetite.”

They want traders to keep an eye on sudden geopolitical developments that could trigger short-term volatility.

If BTC manages to hold the price level above $124,600, it may move toward $130,000 soon. Conversely, should it drop below $121,100, it could proceed down to $118,500.

Why It Matters

Meanwhile, US Senator Cynthia Lummis hinted that fund purchases for the US strategic Bitcoin reserve could happen anytime. The federal government is ready to begin funding, she argued, despite legislative red tape.

Geoffrey Kendrick, head of digital asset research at Standard Chartered, argued that Bitcoin could climb to $135,000 soon and possibly $200,000 by year-end.

Details

Crypto Winners & Losers

Ethereum (ETH) is up by 2.4%, now changing hands at $4,680. This is the second-highest increase on the list.

Binance Coin (BNB) is the top gainer again, having appreciated 3.2% to $1,251.

Solana (SOL) and XRP (XRP) are the only two red coins in this category. They’re down 1.6% and 0.9% to $230 and $2.97, respectively.

Looking at the top 100 coins, we find that 75 are up, the highest of which is Plasma (XPL), which rose 16.4% to $1.04.

Bittensor (TAO) and Mantle (MNT) are next, with increases of 8.8% and 5.6% to $349 and $2.26, respectively.

Speculative Excess is Not Driving the Breakout

Levels & Events to Watch Next

At the time of writing on Tuesday morning, BTC trades at $123,883. This is 1.8% down from its latest all-time high of $126,080 hit on 6 October, just a day after the previous ATH.

BTC is now 8.7% up for the week, 12% in a month, and 95% in a year.