Total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) is recording a recovery, with total capitalization increasing further 50 billion USD in the last 24 hours. Altcoins also benefited from this excitement, especially meme coins, with Mog Coin increase more 16% in just one day.
Today’s Featured News
- The US government has filed a lawsuit to seize more 2.67 million USD digital assets stolen from North Korea’s Lazarus group, including 1.7 million USD USDT from Deribit hack in 2022. This action is part of efforts to recover stolen funds in total 28 million USD from this options exchange.
- United Arab Emirates (UAE) has introduced VAT amendments affecting cryptocurrency transactions, requiring businesses in the digital assets sector to reassess their tax obligations. These changes take effect from date November 15, 2024providing clarity on VAT provisions.
The Cryptocurrency Market Is Recovering
In the context of improving macroeconomic conditions, total cryptocurrency market capitalization recorded an increase 54 billion USD within a day, reached 2.16 million USD. This recovery signals a positive trend for the entire cryptocurrency market.
Currently, the total cryptocurrency market capitalization is hovering above support 2.11 million USD. A successful move to recovery 2.24 million USD as a support level that will allow the recovery to continue, potentially erasing some of the losses seen recently.
However, if the market cannot overcome the resistance level 2.24 million USDtotal market capitalization (TOTAL) is likely to continue below this threshold for the foreseeable future, remaining above 2.11 million USD as an important support level.
Bitcoin Continues Rising Momentum
Price Bitcoin has recorded steady growth over the past 24 hours, currently trading at 63,551 USDmaintains comfort above support 61,868 USD. This positive upward momentum reflects improving market sentiment.
If broad market conditions remain stable and Bitcoin continues to build on this uptrend, an upside is expected 65,292 USD is feasible. Breaking this key threshold would open the door for further gains for Bitcoin, fueling its upward momentum.
Conversely, Bitcoin could fall back to the support level 61,868 USD if unexpected selling pressure occurs. Losing this key support level would nullify the bullish outlook, potentially dragging BTC down 60,000 USD.
Mog Coin Surprises
Mog Coin recorded an increase 16% over the last 24 hours, currently trading at 0.00000167 USD and sustains above the key support level 0.00000140 USD. This upward movement reflects growing investor interest in this meme coin.
Mog Coin’s next goal is to break through the resistance 0.00000182 USDthis would mark a two-month high. If this threshold is successfully crossed, the price could head towards it 0.00000200 USDfurther validating the upward momentum.
However, if Mog Coin cannot break the threshold 0.00000182 USDit is likely to continue to consolidate between 0.00000140 USD and 0.00000182 USDwhich would nullify the current bullish outlook.