Why Is the Crypto Market Up Today?

From beincrypto by Aaryamann Shrivastava

The Crypto Market Is In Green

The total  crypto market  cap surged by nearly $100 billion in the past 24 hours, reaching $3.34 trillion. Currently, TOTAL is holding above the critical $3.28 trillion support level, reflecting strong momentum and renewed investor confidence.

This recent uptick positions  TOTAL closer  to testing the $3.49 trillion resistance. To achieve this milestone, the market cap must first solidify $3.28 trillion as support and bounce off it. Securing this level would provide a strong foundation for continued growth in the near term.

  Total Crypto Market Cap Analysis. Source: TradingView

However, failure to maintain $3.28 trillion as support could lead to a decline toward $3.10 trillion. Such a drop would erase the gains recorded over the past few days, emphasizing the importance of sustaining key levels to preserve market optimism.

Bitcoin Celebrates A Major Milestone

Bitcoin is trading  at $97,077, having successfully turned $95,668 into a strong support floor. The cryptocurrency is now nearing the critical $100,000 level, signaling renewed investor optimism and strong market momentum.

As Bitcoin celebrates 16 years since the Genesis block, this milestone has infused bullish sentiment into the market. The enthusiasm surrounding this historic event is contributing to BTC’s recent rise, highlighting its importance in driving confidence among investors.

  Bitcoin Price Analysis. Source: TradingView

On the other hand, if the current optimism fades,  Bitcoin’s price  could drop below $95,668, jeopardizing the bullish outlook. A decline to $93,625 could follow, highlighting the need for sustained momentum to maintain upward progress.

DeXe Takes The Top Spot

DEXE made an unexpected move into the top 100 cryptocurrencies, becoming the best-performing asset of the day with a 30% surge in the past 24 hours. This impressive rally has captured market attention, highlighting the altcoin’s growing momentum and potential for further gains.

Currently trading at $19.4, DEXE breached the $20.0 resistance level but failed to establish it as support. Flipping $20.0 into a support level could extend the altcoin’s uptrend, providing a foundation for continued growth and strengthening investor confidence in its bullish trajectory.

  DEXE Price Analysis. Source: TradingView

However, failure to secure $20.0 as support may lead to a decline toward $15.9. Such a drop would erase a significant portion of DEXE’s recent gains, invalidating the bullish outlook and highlighting the importance of maintaining key support levels for stability.