Why Is the Crypto Market Up Today?
In Brief
- The total crypto market cap hits $3.45 trillion, driven by strong buying momentum; holding above $3.10 trillion is key to sustaining growth.
- Bitcoin nears its ATH of $99,595, with support at $89,800; breaking $100,000 could trigger significant buying pressure.
- HBAR surges 40% to $0.25, with bullish momentum contingent on holding above the critical $0.18 support level.
The total crypto market cap (TOTAL) and Bitcoin (BTC) are staying strong, escaping profit-taking for the past few days. Hedera Hashgraph (HBAR) is joining the rally, which has been up by nearly 40% over the last 24 hours.
In the news today:-
- XRP surpassed Tether to become the third-largest crypto asset in the world after Ethereum and Bitcoin. Along with the market cap reaching $136 billion, XRP price also crossed the $2.00 resistance to trade at $2.38.
- DMM Bitcoin plans to liquidate after a $320 million Bitcoin hack in May and will transfer customer assets to SBI VC Trade by March. According to Nikkei Asia, the exchange has ceased efforts to recover or revamp operations.
The Crypto Market Is on the Rise
The total crypto market cap reached an all-time high (ATH) of $3.45 trillion this week, reflecting consistent gains across the market. This milestone highlights the growing investor confidence in digital assets, with strong buying activity driving market-wide momentum. The increase highlights the bullish sentiment fueling the crypto sector’s rapid growth.
Currently holding above the support level of $3.10 trillion, the TOTAL market cap appears well-positioned to sustain its upward trajectory. This support serves as a critical foundation for further growth. If TOTAL maintains this level, additional gains could push the market cap even higher in the coming weeks.
However, the bullish outlook hinges on the crypto market cap holding above the $3.10 trillion support. A breach below this level could signal a reversal in momentum, potentially leading to a broader correction. Maintaining this critical threshold is essential for the continuation of the current rally.
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Bitcoin Is Closing in On The All-Time High
Bitcoin’s price is currently hovering around $96,700, inching closer to its all-time high (ATH) of $99,595. This level serves as a critical milestone for Bitcoin, drawing significant attention from investors. A successful breach could pave the way for further upward momentum as market confidence grows.
Breaking the ATH would position Bitcoin to target the historic $100,000 mark, a crucial psychological barrier. Achieving this milestone could trigger additional buying pressure, pushing the price even higher. Sustained momentum and market sentiment are key factors driving BTC closer to this record level.
Bitcoin’s immediate support lies at $89,800, a level that has held firm amidst recent volatility. The likelihood of BTC dropping below this threshold is low, but such an event could shift sentiment and invalidate the bullish outlook. Maintaining this support is critical for the ongoing rally.
Hedera Hashgraph Aims at New Highs
HBAR has surged nearly 40% in the past 24 hours, reaching a multi-month high of $0.25. This significant rally highlights the growing interest in the altcoin, which outperforms many of its market peers. The sharp price increase suggests strong momentum driving HBAR’s bullish trajectory.
Since early November, HBAR has shown consistent upward movement, steadily building on its gains. This sustained growth indicates strong investor confidence and market support. If the current momentum continues, HBAR could aim for higher levels, further solidifying its position in the cryptocurrency market.
However, the bullish outlook hinges on HBAR holding above the key support level of $0.18. A drop below this threshold could undermine market confidence and potentially trigger a broader correction. Maintaining this support is crucial for preserving the altcoin’s upward trajectory.
