Investors are buzzing as the cryptocurrency market shows astounding growth, with a total market capitalization up by $170 billion in 24 hours. Let's delve into the Bitcoin and altcoin frenzy, including hot picks like PENGU.
The crypto market has reached a 6-month peak, breaking through the $3.59 trillion barrier. This spectacular growth is supported by the exceptional performance of Bitcoin, which established a new all-time high at $118,275. But that’s not all—altcoins like Pudgy Penguins (PENGU) have also shined with a surge of nearly 40% !
Breaking through the key resistance level of $3.64 trillion will be crucial to consolidate these recent gains. Such success could pave the way for a continuation of the bullish trend, with a target of $3.73 trillion in sight. This momentum has the potential to attract new investors and further fuel the sector’s positive trajectory.
The surge in Bitcoin’s price, up 5% to trade at $118,200, was the highlight of the day. Reaching a new all-time high confirms the strength of BTC’s bullish trend, supported by broader market factors.
The support provided by former President Trump’s trade agreements has been well received by investors in both stock and crypto markets. This positive momentum could propel Bitcoin even higher, with a target of $120,000 if conditions remain favorable.
As Axel indicates, on-chain activity for Bitcoin shows no signs of profit-taking or excessive selling. “This strengthens both the fundamental and technical bullish signal,” he writes on X.
In summary, Bitcoin should continue its breakout in the coming weeks. The MVRV Bollinger Bands point to strong resistance and potentially a local top at $131,000.
Among the day’s stars, Pudgy Penguins (PENGU) stands out, climbing nearly 40% in 24 hours to $0.0214. As the leading altcoin in terms of growth, PENGU is generating keen interest among investors following the SEC’s announcement regarding its ETF—a sign of powerful momentum that could take it even higher in the near future.
PENGU has reached a 5.5-month high, and its next objective will be to consolidate the $0.0205 threshold as support. Breaking and maintaining above this crucial level would open the path to further advances, with a short-term target of $0.0250 and a new ATH between $0.5 and $0.6 in the medium term. Maintaining this support will be essential to preserve the bullish momentum. Analyst Ali even compares PENGU’s trend to that observed with PEPE during its exceptional rally last year.
In conclusion, the crypto market is currently booming, driven by the remarkable performances of Bitcoin and certain flagship altcoins. However, market conditions remain volatile and could lead to trend reversals.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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