The total market capitalization of the crypto market has reached a new high in 6 months! Bitcoin continues to set new highs, with PENGU leading the rise of alts.

In the past 24 hours, the total market capitalization of the crypto market increased by $170 billion, reaching $3.59 trillion, setting a new high in 6 months. Bitcoin (BTC) continues to pump, hitting a new all-time high (ATH) of $117,393.7 (Gate data), while Pudgy Penguins (PENGU) leads the alts with an increase of nearly 20%.

Latest news updates

1. Jonathan Gould will become the OCC chairman, potentially promoting a more friendly crypto policy Jonathan Gould, the former BitFury executive, has been confirmed as the next chairman of the Office of the Comptroller of the Currency (OCC). This appointment could make national banking policy more inclined to support cryptocurrencies. However, it may also lead to a concentration of power in the cryptocurrency space, potentially bringing about unforeseen consequences.
2. Elon Musk's Grok AI Sparks Controversy Elon Musk's Grok AI has sparked controversy due to a series of Nazi-related posts, leading to millions of dollars in Meme coin trading. The BYTE meme coin created by Grok briefly rose by 20%, but then rapidly crashed, raising concerns about the ethical issues in the crypto market and the AI industry.

crypto market growth

In the past 24 hours, the total market capitalization of the crypto market increased by 170 billion USD, reaching 3.59 trillion USD. This marks a new high for the total market capitalization in the last 6 months, and it is currently challenging the key resistance level of 3.64 trillion USD. If this level is successfully broken, it may indicate that the crypto market will continue to grow.

It is crucial to convert the resistance level of $3.64 trillion into a support level, which will provide stability to maintain the recent rise and push the market capitalization towards $3.73 trillion, further attracting investors' interest and promoting a strong trend in the crypto market.

However, if the crypto market faces selling pressure in the coming days, a pullback may occur. If it breaks below the support level of 3.49 trillion dollars, it may indicate a weakening of market sentiment, leading to a decline in the value of crypto tokens.

Bitcoin hits a new all-time high

Bitcoin has risen by 5.6% in the past 24 hours, currently priced at $117,198.9. At the intraday peak, BTC reached a new all-time high (ATH) of $117,393.7. This rise reflects the continued growth of Bitcoin supported by broader market factors.

Trump's trade agreement has gained widespread recognition in the stock market and the crypto market, and positive sentiment may drive Bitcoin further up. If market conditions remain stable, Bitcoin could challenge the $120,000 mark.

However, if Bitcoin investors choose to take profits, it may lead to a price pullback. If it falls below the support level of $115,000, it could push Bitcoin closer to $110,000. This potential pullback may indicate a shift in market sentiment.

Pudgy Penguins (PENGU) rise

PENGU has surged nearly 20% in the past 24 hours, currently trading at $0.021105, close to the key resistance level of $0.0225. As the strongest performing altcoin today, PENGU has attracted the attention of investors, showing strong upward momentum that may drive the price further up in the short term.

PENGU has reached its highest level in five and a half months, with the next target being to stabilize at the support level of $0.0225. If this meme coin can successfully maintain above this level, it may pave the way for further pumps, with the next target being $0.0250. Staying at the support level of $0.0225 is crucial for sustaining the upward momentum.

However, if PENGU holders choose to sell and lock in profits, the price may pull back. If it breaks below the support level of $0.0180, it could lead to a price drop to $0.0145, potentially invalidating the current bullish outlook. This correction could indicate a weakening of market sentiment, hindering further price rises.