Crypto Market Sees Broad Gains as Bitcoin Surges past $111,000
On Monday, Bitcoin (BTC) and many altcoins experienced a notable rally. Bitcoin crossed the crucial $111,000 mark, while the total market cap of all cryptocurrencies reached over $3.76 trillion. Notable altcoins like Floki (FLOKI), Synthetix (SNX), and Zcash (ZEC) were among the top performers.
Floki Soars Following Elon Musk’s X Post
Floki, a popular meme coin, surged by 30% after Elon Musk’s X post. Musk announced that his dog, Floki, was back as the CEO of X. This post stirred excitement among investors,reminiscent of Musk’s previous support for meme coins like Dogecoin. The supply of Floki tokens on exchanges has decreased, with only 2.04 trillion tokens remaining, down from 2.26 trillion in September.
Smart investors have increased their holdings to 478 million tokens. However, the long-term sustainability of Floki’s price hike remains uncertain as the hype around Musk’s post may eventually fade.
Synthetix Gains Momentum with New Trading Competition
Synthetix’s token price has soared by over 370% since September. On Monday, it rebounded after the developers announced the eligible wallets for a new trading competition.This contest is part of Synthetix’s plan to launch its perpetual futures trading platform, competing with platforms like Aster and Hyperliquid. The top 100 traders will compete for a $1 million prize.
Zcash Continues Uptrend, Forming Potential Double-Top Pattern
Zcash’s price rose by over 20% on Monday, reaching its highest level in a week.The coin has gained 40% from its lowest point this month. This rally began when Grayscale announced a new fund to track Zcash,which has now accumulated over $85 million in assets.
Technically, Zcash appears to be forming a double-top pattern at $295.45, with a neckline at $188.80. If this pattern completes, Zcash could possibly resume a downward trend and retest the $188.80 support level.
