Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are noting growth, albeit minimal, with the latter barely moving above $96,000. In the midst of this uncertainity, Tron (TRX) has found an opening, resulting in an 80% rise over the last 24 hours.

In the news today:-

• The New York Stock Exchange has filed with the SEC to create an ETF based on Grayscale’s Solana Trust, joining several other firms in seeking a Solana ETF. Grayscale aims to convert its Solana mutual fund into an ETF following its successful Bitcoin ETF model.
• Alex Mashinsky, co-founder of Celsius Network, pleaded guilty to fraud charges related to the platform’s collapse. He is accused of manipulating the CEL token price to attract investors and personally profiting $42 million, with a potential 20-year prison sentence.

The Crypto Market Is Gaining

The total crypto market cap is currently valued at $3.43 trillion, having gained over $15 billion in the last 24 hours. This rise indicates a steady market recovery, with strong momentum pushing the overall market cap closer to its previous all-time highs. The trend shows positive investor sentiment.

The all-time high for the total crypto market cap remains at $3.49 trillion. Continued market growth could see the cap surpass the $3.50 trillion threshold. A sustained bullish trend is essential to drive further market expansion, signaling increased institutional confidence and potential for higher valuations across the crypto sector.

Total Crypto Market Cap Analysis. Source: TradingView

Despite the optimism, there is still a risk of decline. Profit-taking actions could lead to a sharp correction, causing the total market cap to fall to $3.10 trillion. A drop to this level would invalidate the current bullish outlook, leading to concerns among investors about the long-term stability of the market.

Bitcoin Is Struggling

Bitcoin’s price remains steady at $95,814, showing little movement in the past day. The cryptocurrency is nearing its all-time high of $99,595, fueling optimism among investors. This stability has many speculating about whether Bitcoin’s next move will finally push it past the psychological $100,000 barrier.

A sustained rise toward $99,595 would require strong market conviction and increased liquidity. If Bitcoin can maintain its current momentum, consistent growth could cause it to breach $100,000. Such a milestone would mark a significant achievement, reinforcing bullish sentiment in the broader cryptocurrency market.

Bitcoin Price Analysis. Source: TradingView

Bitcoin currently holds strong support at $89,800, with the price likely establishing a higher support level around $95,500. However, if Bitcoin drops below $89,800, it could heighten investor concerns about potential losses. Such a decline may signal a shift in market sentiment, prompting increased caution.

Tron Skyrockets to New Highs

Tron’s price surged 103% on Tuesday, reaching a new all-time high of $0.45. However, the altcoin is currently experiencing a dip of 8%, trading at $0.39. This volatility has captured market attention, raising questions about whether the recent rally can be sustained or if the price will stabilize.

The recent surge has made Tron one of the best-performing tokens among the top 100 cryptocurrencies. As the altcoin looks to establish support around $0.40, investors are hoping for a consolidation phase that could set the foundation for continued upward momentum in the coming weeks. 

TRX Price Analysis. Source: TradingView

Profit-taking remains a significant risk for Tron. If a wave of selling occurs, it could trigger a sharp correction, potentially invalidating the bullish outlook.