-BTC: $51,571.44

-ETH: $3,106.13

-XRP: $0.5392

-LTC: $69.92

The worldwide crypto market is currently valued at $1.99 trillion, showing a slight increase of  0.77%  in the past 24 hours. During this period, the total crypto market activity reached $51.13 billion, marking a 0.34% increase. In the decentralized finance (DeFi) sector, the volume stands at $5.38 billion, contributing 10.52% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $44.05 billion and representing 86.14% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 50.75%, showing a slight decrease of 0.43% during the day.

BTC: BTC price decreased by 0.11% and 1.08% over 24 hours and the past seven days.The asset reached a low and high of $51,306.17 and $51,950.03, respectively.

U.S. Senator Cynthia Lummis, a known cryptocurrency advocate, has publicly endorsed Bitcoin mining, highlighting its potential to enhance America’s energy grids and utilize new or stranded energy resources. She emphasized that Bitcoin mining could drive demand for excess and untapped energy, leading to the development of renewable energy sources and sustainable energy practices.

Lummis also invited Bitcoin miners to consider Wyoming, a state with a favorable regulatory environment for digital assets, as a hub for their operations, aiming to stimulate job creation and technological innovation.

BTC Technical Analysis:

Currently, Bitcoin is moving in a consolation stage, just below the two-year high of $52,989, after it drifted out of the 50-day simple moving average earlier this month. The absence of bullish momentum can be a stumbling block for the crypto as the next resistance levels stand at $53,300, $55,500 and $59,440. These levels, which are based on the last Bitcoin price in 2021, have a major influence on the coin’s market dynamics.

On the other hand, if the Bitcoin price breaks down from the current consolidation, the first support could be at the previous peaks of $49,093 and $44,805, potentially extending down to the 2024 low of $38,460.

ETH: ETH price increased by 2.89% and 7.55% over 24 hours and the past seven days. The asset reached a low and high of $3,012.45 and $3,129.91, respectively.

Lawyer Scott Johnsson predicts the U.S. Securities and Exchange Commission (SEC) may approve an Ethereum ETF by May or mid-2025. He recalls the SEC’s process with Bitcoin ETFs, noting a similar timeline for Ethereum. However, he suggests the SEC might deviate from the Bitcoin timeline. Bloomberg analyst James Seyffart believes the SEC’s experience with Bitcoin could make the Ethereum approval process smoother. Johnsson agrees but maintains some uncertainty. He also responds to Twitter users’ speculations, agreeing that a later approval could add drama to the election season and that the SEC might be less communicative this time. The crypto community eagerly awaits the SEC’s decision.

ETH Technical Analysis:

The ETHUSD has broken above a rising parallel channel, which indicates continuation of the bullish impetus and possible upside continuation. Ethereum’s first task is to reach $3,200, but with a consistent uptrend, it might reach a maximum level of $3,500 – last witnessed on 5 April 2022. 

On the contrary, if Ethereum faces resistance at the upper border of its recent channel, it may pull back to the support area at $2,905. If the downturn is more substantial, then the price may enter the descending channel below its mid-line. This could lead the price to retest the 50% Fibonacci retracement level at $2,640. It is a key point which will determine the future direction of ETHUSD.

XRP: XRP price decreased by 1.03% and 3.60% over 24 hours and the past seven days. The asset reached a low and high of $0.5388 and $0.5484, respectively.

Ripple, a major player in the cryptocurrency sector, recently released nearly 400 million XRP tokens into the market, a move that sparked intrigue among investors and community members. This unusual action deviated from Ripple’s standard practice of unlocking 1 billion XRP from its monthly escrow. Despite the significant transaction, XRP’s market price remained stable. Ripple’s unique approach to trust distribution in its network, appreciated by Bitcoin’s creator, Satoshi Nakamoto, and its commitment to decentralized cryptocurrency solutions since its inception as RipplePay in 2004 underscore the company’s pioneering role in promoting stability in digital currencies.

XRP Technical Analysis:

The recent breach of XRP above the $0.54 resistance was followed by a reverse, triggering over 5% loss during previous week. Now the question is whether the buyers will be able to sustain the sales volume at or above the $0.54 mark. If they do, it could lay the groundwork for XRP hitting the next significant goal of $0.65 – $0.69 zone. 

Conversely, If XRP remains below $0.54, it indicates the increasing selling pressure. It might drive the price down to $0.50 or even lower.

LTC: LTC price increased by 0.09% and decreased by 1.32% over 24 hours and the past seven days. The asset reached a low and high of $69.84 and $70.54, respectively.

Litecoin is leading the crypto market as it approaches its halving event, which typically propels its price by limiting the supply of new coins. The cryptocurrency is also witnessing a surge in institutional interest, with the open interest for Litecoin futures exceeding $420 million globally, signaling a bullish outlook. Moreover, the number of active Litecoin addresses has hit 832,000, indicating a rise in adoption. The impending halving event, coupled with growing institutional interest and user adoption, could potentially trigger a substantial increase in Litecoin’s price in the upcoming months.

LTC Technical Analysis:

Currently, Litecoin is caught up in a tight trading range. The range is marked by a support level at $68.12 and a resistance level at $73.78. The close jumbling of the 10, 50, and 200-day EMAs is an indication of the indecisive market as well as lack of strong directional momentum.

The RSI level at 50 further confirms the ambiguous situation. If Litecoin goes through an adoption phase where it is perceived well by the community, it can cross its immediate resistance at $73. This could serve as a confirmation of a bullish breakout and lead to a move toward higher resistance levels at $76.14 and even $81.5.

Conversely, should Litecoin fall below its current support at $68, it could trigger a bearish trend that might extend to lower support levels at $65.42 and $58-$60.

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