The total crypto market cap (TOTAL) and Bitcoin (BTC) are performing well over the weekend. The latter is nearing the $112,500 resistance, rising steadily. Amongst the altcoins, Zcash (ZEC) emerged as the best performer rising by 17.8% in the last 24 hours.
In the news today:-
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- The US government, through the DEA, now holds around $7.8 million in XRP after a major asset seizure. This confiscation is part of a broader $54.7 million digital asset haul linked to ongoing criminal investigations.
- Kyrgyzstan has launched the KGST stablecoin, pegged 1:1 to the som and built on the BNB Chain. The country also plans to issue a CBDC and create a digital asset reserve that could include BNB.
The Crypto Market Rises
The total crypto market cap is showing early signs of recovery, climbing by $49 billion in the past 24 hours. TOTAL currently stands at $3.75 trillion, indicating renewed investor optimism across major assets.
TOTAL is now targeting $3.73 trillion as a key support level to sustain upward momentum. If investor confidence continues into the week, the market could extend gains toward $3.81 trillion.
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Total Crypto Market Cap Analysis. Source: TradingView
However, if bearish pressure emerges, TOTAL could face a downside move below $3.67 trillion, undermining recent optimism. Such a decline might trigger profit-taking among short-term traders, weakening the overall market structure.
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Bitcoin Nears Key Barrier
Bitcoin is trading at $112,304, holding just below the $112,500 resistance. The crypto king has recovered from recent volatility, showing stable momentum.
If Bitcoin sustains its momentum, a break above $112,500 could push the price toward $115,000. Continued investor confidence and steady volume growth would strengthen this move.
Bitcoin Price Analysis. Source: TradingView
If selling pressure rises, Bitcoin could fall to $110,000 or $108,000. Such a move would erase recent gains and signal weakening demand. Breakdown below these levels may shift short-term sentiment from bullish to bearish.
Zcash Takes The Lead
ZEC surged 17.8% in the past 24 hours, becoming the day’s top-performing altcoin. The price now stands at $317. This sharp increase reflects renewed investor interest and strong momentum in the market.
ZEC is approaching the $338 resistance level, a key threshold for further upside. A breakout above this zone could trigger a move toward $350 or higher. Such momentum would likely attract new capital inflows.
ZEC Price Analysis. Source: TradingView
If profit-taking emerges, ZEC could fall below $300, erasing part of its recent gains. A deeper correction might drive the price toward $261 or lower, signaling fading momentum. This scenario would invalidate the bullish outlook.
