The total crypto market cap (TOTAL) and Bitcoin (BTC) are facing the effects of a saturating market. With investors potentially booking profits, BTC and altcoins are noting corrections with Story (IP) taking the biggest hit.
In the news today:-
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- Coinbase CEO Brian Armstrong cited China as a reference point for US stablecoin policy while defending yield-sharing features. His comments come as Coinbase seeks to protect stablecoin revenue threatened by banking lobby efforts to roll back provisions under the GENIUS Act.
- Morgan Stanley filed for spot Ethereum ETFs designed to track ETH’s price while distributing staking rewards to investors. The move follows Bank of America’s recent expansion of crypto access, highlighting growing institutional demand for digital assets.
The Crypto Market Dips
The total crypto market cap dropped by $97 billion over the past 24 hours, falling to $3.08 trillion. The pullback reflects rising profit-taking after recent gains. Market participants appear to be reducing exposure, signaling a short-term cooling phase across major cryptocurrencies and altcoins.
Profit saturation was widely anticipated following sustained upside momentum. As gains peaked, selling pressure naturally increased. TOTAL is now hovering near the $3.09 trillion zone but remains vulnerable. Under current conditions, a slide toward the $3.05 trillion support level appears increasingly likely.
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A recovery remains possible if sentiment stabilizes. Reclaiming $3.09 trillion as support would signal renewed confidence among investors. Such a move could enable TOTAL to stage a rebound toward $3.16 trillion, provided selling pressure eases, and broader market conditions improve.
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Bitcoin Is Close To Falling To $90,000
Bitcoin saw a sharp pullback, falling to $90,949 at the time of writing. The crypto market leader declined after failing to secure $93,471 as support. This rejection triggered broader market weakness, positioning BTC as the primary driver of the latest downside move.
The immediate downside target for Bitcoin sits near $90,000. This level has not yet been firmly tested as support, increasing downside risk. If selling pressure persists, BTC could extend losses toward $89,241, exposing the market to deeper short-term volatility.
A recovery scenario remains possible. Should Bitcoin reclaim $91,511 as support, bullish momentum may return. Holding this level would improve confidence and allow BTC to retest $93,471, invalidating the bearish thesis over the short term.
Story Drops Below $2
IP ranked as the weakest-performing token of the day, though losses remained limited as altcoins showed restraint. The token declined 7.7% over the last 24 hours. Relative stability across the market softened downside pressure, preventing a sharper sell-off despite IP underperforming peers.
The altcoin trades near $1.97 after slipping below the $2.00 psychological level. Attention now shifts to the $1.87 local support. Holding this zone could stabilize price action and help IP avoid a deeper decline toward the $1.71 support.
A recovery scenario remains viable if buying interest returns. Reclaiming $2.02 as support would signal renewed strength. Such a move could allow IP to advance toward $2.22, invalidating the bearish thesis and restoring short-term bullish momentum. Although crossing this barrier will be a challenge, considering IP has tried and failed to do so in the past.
