Why Is the Crypto Market Up Today?

The crypto market has witnessed a sizable rebound in trading activity over the past 24 hours, signaling a renewed wave of investor interest. This uptick is reflected in the rise in total market capitalization. Bitcoin has also recorded moderate gains, adding to the market’s overall bullish tone. Litecoin (LTC) has emerged as the top gainer in today’s session.

In the news today:-

• Netflix is reportedly developing a film based on the 2022 FTX collapse, with Julia Garner in talks to play Caroline Ellison. Evan Peters is rumored to be considered for the role of Sam Bankman-Fried, though his casting is less certain. Oscar-winning screenwriter Graham Moore is also in discussions to write the script.
• A recent Binance survey of its Asia-based users revealed encouraging security habits. Over 80% use two-factor authentication (2FA), and 73% regularly double-check their transfers. The findings highlight the effectiveness of user education, which the exchange sees as key to further improving security.

Crypto Market Recovery Gains Traction

The cryptocurrency market has witnessed a resurgence in trading activity over the past 24 hours. This uptick is reflected in the rise in total market capitalization, which has climbed by $39 billion, reversing the sluggish trend seen earlier in the week. 

TOTAL currently sits at $2.94 trillion, resting above the support formed at $2.93 trillion. On the daily chart, the Elder-Ray Index signals a noticeable rise in buying pressure. 

The increased size of today’s bar suggests that bullish momentum is building and aligning with the broader recovery in market sentiment across the crypto space.

The Elder-Ray Index measures the strength of buyers (bulls) and sellers (bears) in the market. It consists of two components: bull power, calculated as the difference between the day’s high and a moving average, and bear power, measured as the difference between the day’s low and the same moving average. 

When bull power increases, as shown by a growing histogram, buyers gain control and push prices higher. In TOTAL’s context, the growing histogram bar points to strengthening bullish pressure, which supports continued upward movement in the crypto market if the trend holds.

In this case, TOTAL could climb to $3.02 trillion.

Total Crypto Market Cap Analysis. Source: TradingView

However, a reversal in the current trend could cause TOTAL to slip below the support at $2.93 and fall to $2.89 trillion.

Bitcoin’s Bullish Momentum Builds as Volume Surges

BTC is up 2% over the past day. As of this writing, the coin trades at $96,523, with surging buying momentum. The 37% hike in its daily trading volume reflects this. As of this writing, BTC’s daily trading volume totals $32.17 billion.

When an asset’s price and trading volume surge, it signals strong investor interest and confirms the strength of the price move. This trend suggests that the current BTC rally is supported by solid demand rather than speculative or low-liquidity activity.

If demand continues, the coin could extend its rally and climb to $102,080.

Bitcoin Price Analysis. Source: TradingView

Conversely, if selloffs resume, this bullish projection will be invalidated. In that case, BTC’s value could drop below the support at $96,187, to fall toward $92,048. 

 Litecoin Leads the Pack With 10% Daily Surge

LTC is today’s top gainer, soaring 10% over the past day. As of this writing, the altcoin trades at $91.83. 

Technical readings from LTC’s daily chart confirm the coin’s surging demand. For example, its Relative Strength Index (RSI) is at 61.77, and rising at press time. This indicator measures the coin’s overbought and oversold market conditions. At 62.66 at press time, buying pressure outweighs selling activity. 

If LTC accumulation strengthens, its price could reach $95.13. A successful breach of this resistance level could propel the altcoin to $105.04.

Litecoin Price Analysis. Source: TradingView

However, once buyer exhaustion sets in, LTC could shed recent gains and plunge to $82.88