©Reuters
NEW YORK – The cryptocurrency market is in a speculative frenzy, struggling to break above the $38,000 resistance level, while a series of altcoins are showing signs of strength. Investors are closely watching the potential impact of the U.S. Securities and Exchange Commission’s (SEC) early approval of a bitcoin spot exchange-traded fund (ETF), which could serve as a significant catalyst for the market.
Bitcoin recently surpassed the in network transactions for the first time in three years, but it remains confined to a narrow trading band between $36.8 million and $35.9 million. Market observers suggest that if bitcoin fails to maintain bullish momentum, it could test the support zone around $34,000.
In contrast, several altcoins are showing resilience amid general market uncertainty. is preparing for further gains after favorable results in its legal battles against the SEC, although it currently faces resistance near $0.75 and finds support at $0.6. ThorChain’s native token RUNE is capitalizing on high activity on decentralized exchanges (DEXs) through ThorSwap, having surged more than eight times since its yearly lows and now targeting a break of resistance at $8.
(DOGE) remains stable above critical support levels, with price formations indicating potential upside. Render Token (RNDR) is riding the wave of AI-driven interest in cryptocurrencies, and newcomer TIA has seen exponential growth since its market introduction.
The performance of these altcoins could be further strengthened if the total altcoin market capitalization manages to breach the key resistance of the 50-day exponential moving average (EMA), which currently sits around a valuation of $680 billion.
Investors and traders are eager to see how this dynamic will evolve, especially with the possibility of a new spot Bitcoin ETF on the horizon, which could attract a new influx of institutional investment into the crypto space.
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