Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) rose by $126 billion over the last 24 hours. Bitcoin (BTC), benefitting from weekend volatility, crossed the $70,000 mark as well, with PIPPIN taking the lead among the altcoins, rising by 26.5%.

In the news today:-

• Grayscale has filed with the SEC to convert its AAVE Trust into a spot exchange-traded fund (ETF). The proposed ETF would charge a 2.5% sponsor fee, use Coinbase as custodian, and seek listing on NYSE Arca.
• The Ethereum Foundation appointed Bastian Aue as interim co-executive director, replacing Tomasz Stańczak and joining Hsiao-Wei in leading the organization. The move reflects a strategic shift toward long-term institutional resilience and preserving Ethereum’s core cypherpunk values.

The Crypto Market Spikes

PIPPIN The total crypto market cap surged $126 billion in 24 hours, reaching $2.38 trillion at publication. TOTAL has tested this resistance multiple times over the past week. Repeated attempts signal strengthening bullish momentum as investors evaluate broader digital asset recovery trends.

With momentum building, TOTAL is targeting $2.45 trillion as the next resistance level. A confirmed breakout above that threshold could open the path toward $2.64 trillion. Sustained bullish market conditions and continued capital inflows would be essential to support this recovery trajectory.

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TOTAL Price Analysis. Source: TradingView

If bearish sentiment returns at the start of the week, downside risk remains. A drop below $2.37 trillion could push TOTAL toward $2.30 trillion. Further weakness may extend losses to $2.22 trillion, reflecting renewed pressure across the cryptocurrency market.

Bitcoin Crosses Crucial Barrier

Bitcoin price trades at $70,384 at publication, holding above the critical $70,000 resistance level. Breaking this psychological barrier signals renewed bullish momentum. Sustained strength above this threshold could reinforce investor confidence and support continued upside in the broader cryptocurrency market.

If fresh capital enters at current levels, Bitcoin may extend gains beyond $72,294 resistance. Strong inflows and rising demand could propel BTC toward the $75,000 target. A decisive move higher would confirm improving market sentiment and strengthen the short-term bullish structure.

BTC Price Analysis. Source: TradingView

However, short-term traders may lock in profits near $70,000. Failure to hold this level could trigger a pullback toward $67,674. Deeper weakness might send Bitcoin toward $65,000, invalidating the immediate bullish outlook and reintroducing downside risk.

Pippin Nears ATH

PIPPIN emerged as the top-performing altcoin today, trading at $0.649 at publication. The token surged 26% over the past 24 hours, reflecting strong speculative demand. Rapid price acceleration has drawn renewed attention from traders tracking short-term crypto market momentum.

Technically, PIPPIN is validating a bullish broadening descending wedge pattern projecting a 221% advance toward $1.357. The immediate objective remains clearing the $0.720 all-time high. A confirmed breakout could push the price toward $0.800 and establish a new ATH, provided capital inflows remain strong.

PIPPIN Price Analysis. Source: TradingView

However, the Money Flow Index indicates overbought conditions. If buying momentum fades and investors take profits, downside risk increases. A drop toward $0.494 would weaken the structure. Losing that support could send PIPPIN toward $0.308, invalidating the bullish thesis.