The total crypto market cap (TOTAL) and Bitcoin (BTC) have grown as general market sentiment has become less fearful. TAO, the token that powers the DePin network Bittensor, has led the altcoin market with double-digit gains over the past 24 hours.
In the news today:
- Following legal issues faced by Samourai’s original team, a group of developers have launched the Ashigaru Open Source Project, a decentralized fork of Samourai Wallet, to continue developing privacy tools without centralized limitations.
- At a fundraiser in New York City, Vice President Kamala Harris pledged to support investment in AI and cryptocurrency.
Liquidity Continues to Flow Into the Crypto Market
Last Wednesday’s rate cut by the Federal Reserve has caused a notable shift in overall crypto market sentiment. Since the Fed lowered interest rates by 50 basis points — its first reduction since early 2020 — the Fear & Greed Index shows sentiment moving from fear to neutral.
This change in mood has been reflected in the steady uptick in total crypto market capitalization since then. Over the past 24 hours, this has risen by $6.82 billion. TOTAL currently stands at $2.18 billion.
The rise in TOTAL’s Chaikin Money Flow (CMF) over the past few weeks confirms the inflow of liquidity into the cryptocurrency market. This indicator, which tracks how money flows into and out of an asset, has been in an uptrend since September 7.
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A rising CMF suggests that token accumulation is underway, with buyers dominating and pushing prices higher. This is seen as a bullish signal, especially if the CMF crosses above the zero line, which indicates that the market is in a net accumulation phase. At press time, TOTAL’s CMF is at 0.27.
If this accumulation trend continues, TOTAL may attempt to break through the long-term resistance at $2.20 trillion, which has held since April. A successful breakout and retest could pave the way toward $2.31 trillion.
Bitcoin Climbs to 30-Day High
Bitcoin trades at $63,707, noting a 1% price growth over the past 24 hours. It has reached its highest price level since August 26.
The leading coin has seen a surge in demand over the past week, pushing its value up by nearly 10% in seven days. Its rising Relative Strength Index (RSI), currently at 63.18, reflects this.
The RSI, which gauges an asset’s oversold or overbought conditions, indicates that market participants are buying more BTC than they are selling recently.
Read more: Bitcoin Halving History: Everything You Need To Know
If BTC accumulation remains steady, it will attempt to break through the barrier formed at $65,066. A successful break above this level may allow the king coin to rise toward $67,976.
Bittensor Leads the Altcoin Market Rally
Leading DePin token TAO has seen its value climb by 24% over the past 24 hours, leading market gains. As of this writing, the altcoin trades at $575.29, its highest price since April 15.
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TAO is rallying toward $634.60, another price level last reached in April. However, the overbought readings from its RSI signal the possibility of a drawback. If the token wit
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