Why Is the Crypto Market Up Today?
In Brief
- The crypto market cap rose to $2.38 trillion, nearing $2.40 trillion resistance; surpassing this could lead to a $2.50 trillion target.
- Bitcoin is less than 2% away from its all-time high at $73,773, but a fallback to $71,367 support may delay the bullish rally.
- SUI’s 17% rise brings it to $2.08; breaching its ATH at $2.36 depends on sustained buying, while profit-taking risks a dip to $1.70.
The total crypto market cap (TOTAL) and Bitcoin (BTC) are enjoying the impact of high ETF inflows, bringing the latter inches away from forming a new all-time high (ATH). SUI piggybacked on this momentum, rising by 17% in the last 24 hours.
In the news today:
- Consensys, the blockchain firm behind MetaMask, announced a 20% workforce reduction, affecting over 160 employees due to economic pressures and SEC-related legal costs. CEO Joe Lubin criticized the SEC, claiming its approach stifles innovation and impacts jobs.
- VanEck has teamed up with Kiln to initiate staking for Solana, providing regulated access to Solana staking rewards in addition to SOL’s market price. This will likely fuel the Solana ETF narrative in the crypto market.
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The Crypto Market Continues Its Growth
The total crypto market cap gained $77 billion in the past 24 hours, reaching $2.38 trillion. Positioned just below the critical $2.40 trillion resistance, this sustained growth may soon allow the market cap to breach this barrier.
Turning $2.40 trillion into support is essential for TOTAL to aim for $2.50 trillion, a level that could help recover losses from the June crash. Achieving this milestone would reinforce positive sentiment and signal strength in the broader cryptocurrency market.
However, if TOTAL fails to surpass $2.40 trillion, it may fall back to $2.29 trillion. This support level could serve as a consolidation zone, maintaining market stability while awaiting stronger buying signals to reignite upward momentum.
Bitcoin Is Near the ATH
Bitcoin’s price has seen a 4% rise over the past 24 hours, trading at $72,226. This recent surge brings Bitcoin within reach of its all-time high of $73,773, sparking optimism among investors. The continued momentum could set the stage for a record-breaking achievement.
A successful breach above $73,773 would set a new all-time high for Bitcoin, a milestone eagerly anticipated over the past eight months. This level would reinforce Bitcoin’s strength in the market, potentially attracting new buyers and amplifying bullish sentiment.
