Why Is the Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) appear to be cooling down from the recent rally. Some altcoins are seemingly following this path, too, with Arweave (AR) observing a 6% decline.

In the news today:-

• Crypto Exchange KuCoin announced the delisting of Fetch.ai (FET) and SingularityNET (AGIX). The exchange noted the FET, AGIX, and OCEAN (Ocean Protocol) merger into a single token, Artificial Superintelligence Alliance (ASI), as the reason.
  
• VanEck, one of the biggest asset managers in the world, predicted that Ethereum would reach a valuation of $22,000 per ETH by 2030. The asset manager made the prediction based on the spot ETH ETF approval while also predicting ETH to be worth $154,000 by 2030 in a bull case.

The Total Market Cap Dips

The total crypto market cap currently stands at $2.56 trillion, having lost $11 billion in the last 24 hours. TOTAL was in the process of breaching the $2.61 trillion barrier before failing due to the market cooling down from the recent rally.

However, the Relative Strength Index ( RSI ) is still in the bullish zone above the neutral line at 50.0. This is a sign that the total valuation of the crypto market could continue rising, potentially breaching $2.61 trillion.

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In the worst case, where TOTAL changes direction and slides further, a drop to $2.50 trillion cannot be ruled out.

Bitcoin’s Price Remains Steady

Bitcoin’s price is trading at $70,800 at the time of writing, following a massive surge over the past week. The crypto asset is still under critical resistance of $71,800, which it has attempted to breach for the past three months.

The broader market macro cues are still bullish, which is a good sign for BTC as they could help the asset rise above the $71,800 barrier. This would potentially enable Bitcoin’s price to cross the all-time high of $73,650.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

Should the breach fail again, BTC could drop back to the critical support floor of $68,500.

Arweave Could Bounce Back

Arweave dropped by 6% in the last 24 hours, caught between the market’s cooling down and bears’ crossfire. The altcoin can be seen changing hands at $43.3 at the moment, attempting to secure $45 as a support floor.

The RSI exhibits a bullish case for AR as the indicator is still above the neutral line in the bullish zone. This suggests that the altcoin could continue its rise, and a breach of $48.5 could enable a rise to $50.0.

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But a bearish outcome could be likely if the RSI slips below the neutral line. This could send AR down to $40 or lower towards the crucial support line at $37.0.