Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are posting losses as the latter slipped to $110,000 in the last 24 hours. However, the altcoins seem to be on a totally different path, with the majority posting gains, led by Pump.fun (PUMP).

In the news today:-

• Mastercard is reportedly close to acquiring crypto infrastructure firm Zerohash in a deal valued between $1.5 billion and $2 billion. The move would mark its biggest push into stablecoin settlement as global payment giants expand into regulated blockchain services.
• Polygon Labs and DeCard have partnered to enable USDT and USDC holders to spend stablecoins at over 150 million global merchants. The integration adds Polygon network support to DeCard, expanding real-world stablecoin payment options.

The Crypto Market Dips

The total crypto market cap fell by over $42 billion over the last 24 hours, currently sitting at $3.71 trillion. TOTAL is holding above the support of $3.67 trillion at the moment.

The decline is not an indication of rising bearishness but instead anticipation of the Fed rate cut, which ended up in favor of the crypto market. Interest Rates were slashed by 25 bps, making riskier assets more appealing.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Total Crypto Market Cap Analysis. Source: TradingView

TOTAL could bounce back if the macro financial cues and the investors show support, pushing it past $3.73 trillion to reach $3.81 trillion. But if the market conditions worsen, expect TOTAL to fall to $3.60 trillion or lower.

Bitcoin Slips To Key Support

Bitcoin’s price is at $110,773, holding above the critical support of $110,000, which it tested over the last 24 hours. BTC is still finding its footing amid the mixed sentiments from the investors.

The Relative Strength Index (RSI) slipped below the neutral line again, suggesting bearishness is gaining strength. This could prove to be harmful for BTC price potentially sending it to $108,000.

Bitcoin Price Analysis. Source: TradingView

But if BTC notes a bounce off from $110,000, as it also is a crucial psychological support, BTC could climb back past $112,500. This would push it to reach $115,000, invalidating the bearish thesis.

Pump.fun Notes Gains

PUMP is one among the many tokens that decided not to follow Bitcoin’s footsteps and instead chart their own trajectory. As a result, the altcoin posted a near 16% rise.

While not explicitly, such a rebellious move does reignite the possibility of an altcoin season. However, that would warrant altcoins being in the majority and outperforming Bitcoin.

PUMP Price Analysis. Source: TradingView

As for now, the PUMP price at $0.00534 does look primed to breach the barrier of $0.00563 to eventually reach $0.00622. At the same time, sharp STH selling could result in a drop to $0.00460, invalidating the bullish thesis.