Over the past 24 hours, the cryptocurrency market has experienced a notable increase in trading activity, reflecting a resurgence of investor interest. This heightened activity is clearly illustrated by the growth in the total market capitalization, which has surged by $39 billion, reversing the previously sluggish trend observed earlier in the week. As of now, the total market capitalization stands at $2.94 trillion, maintaining a position above the support level established at $2.93 trillion. On the daily chart, the Elder-Ray Index indicates a significant rise in buying pressure.

The larger size of the candlestick on the daily chart implies that bullish momentum is accumulating and aligning with the broader improvement in market sentiment across the crypto sector. The Elder-Ray Index evaluates the strength of buyers (bulls) and sellers (bears) within the market. It comprises two elements: bull power, calculated as the difference between the day's high and a moving average, and bear power, measured as the difference between the day's low and the same moving average.

When bull power rises, as indicated by an expanding histogram, buyers take control and drive prices upwards. In the context of the total market capitalization, the growing histogram bar signifies enhanced bullish pressure, which could sustain further upward movement in the crypto market if the trend persists. Under such circumstances, the total market capitalization might reach $3.02 trillion.

On the other hand, should the current trend reverse, the total market capitalization could dip below the support at $2.93 trillion and descend to $2.89 trillion.

Bitcoin (BTC), the leading cryptocurrency, has registered a 2% increase over the past day. At the time of writing, BTC is trading at $96,523, accompanied by robust buying momentum. The 37% increase in its daily trading volume underscores this. As of this moment, BTC's daily trading volume amounts to $32.17 billion.

When an asset experiences both a price increase and a rise in trading volume, it signals substantial investor interest and validates the strength of the price movement. This trend suggests that the ongoing BTC rally is fueled by genuine demand rather than speculative or low-liquidity activities. If demand persists, the coin may continue its upward trajectory and reach $102,080.

Conversely, should selling pressures re-emerge, this bullish outlook would be negated. In that scenario, BTC's value could fall below the support level at $96,187, potentially dropping to $92,048.

Litecoin (LTC), an altcoin, has emerged as the top performer today, surging by 10% over the past day. As of this writing, LTC is trading at $91.83. Technical indicators from LTC's daily chart confirm the increasing demand for the coin. For instance, its Relative Strength Index (RSI) stands at 61.77 and is rising at the time of reporting. This metric assesses the coin's overbought and oversold conditions. With an RSI of 62.66 at press time, buying activity surpasses selling pressure.

Should LTC's accumulation strengthen, its price might reach $95.13. A successful breakthrough of this resistance level could propel the altcoin to $105.04.

However, once buyer exhaustion occurs, LTC could lose its recent gains and plummet to $82.88.

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