The total crypto market value (TOTAL) continues to experience a noticeable decline. The drop in Bitcoin’s (BTC) price has had a significant impact on this issue. Additionally, the rest of the market did not respond positively to the launch of the spot Ethereum ETF, resulting in a visible decrease in market volume. The biggest loser of the day was Helium (HNT).
Crypto Market in Decline
The total crypto market value has not shown an increase in the last four days, dropping by $163 billion. Currently at $2.264 trillion, TOTAL lost more than $90 billion in value in the last 24 hours.
After the disappearance of two major support levels, the TOTAL indicator fell below the $2.30 trillion level, and concerns are growing that it could drop to $2.20 trillion. A recovery will likely require significant support from individual sellers facing difficulties as of today. A rise back to the $2.30 trillion level could trigger a jump in TOTAL.
Bitcoin’s Price Fails to Break Out
Bitcoin’s price, trying to break out of a rising wedge formation, showed a decline on daily charts. BTC fell from the $68,500 level it visited in the last four days to $63,800 and is trading at $64,300 at the time of writing. The critical support level for BTC is at the $63,100 region.
Despite this, looking at past cycles, the view that BTC could make a turnaround in the future is becoming more widespread. On the other hand, unlike what happened with ETH, the inflows into spot Bitcoin ETFs seem to be resisting the broader market downturn. There is a view that Bitcoin could rise to $67,000 in the near future, possibly before the end of the month. Conversely, if the decline continues and the process extends, Bitcoin could lose the $63,000 support, leading to a deeper decline for investors.
HNT Price Falling
The 10.5% drop in HNT price in the last 24 hours positioned it as the most declining cryptocurrency among all altcoins. This resulted from HNT failing to surpass the $5.5 level it tested in recent days, leading to a loss of support at $5.
The altcoin, finding buyers at the $4.7 region, could test the support at $4.5 and potentially fall below this level. If this happens, the HNT price could drop to the next support at $3.8.
