Why Is the Crypto Market Up Today?
In Brief
- The total crypto market cap witnessed an addition of $210 billion in one day.
- Bitcoin’s price rallied beyond $60,000, set to test it as support and push further.
- SUI token emerged as the best performer of the day with a 38% rally in 24 hours.
The total crypto market cap (TOTAL) seems to have recovered a major chunk of its recent losses as Bitcoin’s (BTC) price crossed the $62,000 mark during yesterday’s intra-day high. Among the altcoins, SUI token took the top spot with a 38% rally, bringing the price to $0.83.
In the news today:-
- Asset manager Franklin Templeton is collaborating with Arbitrum Foundation to launch its tokenized US Government Money Fund. The fund invests in government securities and aims for competitive returns with a stable $1 share price.
- The Securities and Exchange Commission (SEC) will likely appeal the decision in the Ripple lawsuit case. Yesterday, the court concluded the case by penalizing Ripple with $125 million instead of the $2 billion fine the SEC sought.
The Crypto Noted a Recovery
The total crypto market cap rose by $210 billion over the last 24 hours, bringing TOTAL to $2.09 trillion. In doing so, TOTAL managed to regain half of the profits lost during the recent crash.
However, the total crypto market cap stopped short of breaching the resistance of $2.11 trillion. Flipping it into support could further the crypto market’s growth, pushing it towards $2.20 trillion.
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However, the possibility of profit-taking cannot be ruled out, and a sharp bearish sentiment could send TOTAL falling. The crypto market will likely witness a drop to $2 trillion, which is now a support floor.
“Considering the market’s volatile nature, a potential downturn is expected as recent gains may already be priced in,” Avinash Shekhar, CEO of crypto derivatives exchange Pi42 told BeInCrypto.
Bitcoin’s Price Sees Resistance
Bitcoin’s price, trading at $61,094, has noted considerable growth in the past day. The broader market rally resulted in BTC crossing the $62,000 mark during the intra-day high on Thursday before correcting slightly.
As a result of this rise, BTC has secured $60,000 as a support floor and could likely see a test of the same. Since this price has been used as a bounce pad for Bitcoin multiple times, it won’t be surprising if BTC shoots up to $65,000 from here.
However, while minimal, the chances of falling below it still exist. Losing this support level could send BTC to $58,000. Any further decline could wipe away the recent gains.
SUI Takes The Lead
SUI witnessed a rally large enough to wipe out the late July and early August crash and push the altcoin toward critical resistance. Rising by 38% in a single day, SUI emerged as the best-performing altcoin.
Currently trading at $0.83, the altcoin’s next barrier is $0.90, and breaching it would mark a monthly high. Flipping it into support would also raise SUI to $1.00 and beyond.
On the other hand, if the SUI investors choose to sell to secure gains, this 38% rally could be invalidated. SUI might drop to $0.77, wiping out some of the investors’ profits.
