Why Is the Crypto Market Up Today?

The crypto sector’s total market cap (TOTAL) has been hovering within the $2.2 and $2.3 trillion range. Similarly, Bitcoin’s (BTC) price has struggled to close above $63,000. However, the volatility from the market managed to push altcoins up, with PEPE charting the highest gains of 20% in the past day.

In the news today:-

  • Switzerland’s largest bank, UBS Group AG, disclosed its holdings of Bitcoin ETF with the Securities and Exchange Commission. The 13F filing noted that the bank holds about 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT).
  • US President Biden ordered to prevent the Bitcoin mining company MineOne Partners from owning land. The order blocked the miner from owning property near the nuclear missile base in Wyoming, citing “significant national security risk.”

TOTAL Remains Sideways Bound

The total market cap at $2.22 trillion is probably consolidated within the $2.2 and $2.3 trillion. After testing both the levels as support and resistance multiple times over the past few days, TOTAL will likely remain sideways bound.

A breakout in the upward direction is expected in the coming days. However, this would warrant a market-wide recovery, which requires substantial bullishness. Should it happen, TOTAL could be well on its way to securing $2.3 trillion as support.

Read More: 7 Best Crypto Contract TradingPlatforms in 2024

Total Market Cap Analysis.Total Market Cap Analysis. Source: TradingView

If not, a dip below $2.2 trillion will likely send it to $2.11 trillion, which leaves TOTAL vulnerable to a decline to $2 trillion.

Bitcoin Validates Downtrend

Bitcoin’s price, which has been moving within a descending channel for the past two months, attempted a breach yesterday. However, the most significant thing that happened was that the crypto asset made it close to the downtrend line.

BTC is now falling back down at the time of writing, still ensuring a 2.6% rise over the past day. Trading at $62,500 at the time of writing, the cryptocurrency is aiming at securing $63,000 as support for now.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis.Bitcoin Price Analysis. Source: TradingView

However, failed attempts could impact the investors’ confidence, potentially sending BTC to $61,000 or lower.

PEPE Marks a New All-Time High

The frog-themed meme coin PEPE emerged as the best performer of the day, noting a 20% increase. This rise pushed PEPE to a new all-time high of $0.00001119, with the altcoin potentially securing $0.00001000 as a support floor.

This marks the second time the PEPE price has hit an ATH this year, with the previous one being registered in mid-March. 

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

PEPE Price Analysis.PEPE Price Analysis. Source: TradingView

However, the meme coin does face potential correction since investors could attempt to book profits by selling their holdings. This could lead to a correction, invalidating the support of $0.00001000.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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