Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) rose slightly over the last 24 hours, but did not grow. Among the altcoins, Ethena (ENA) emerged as the best-performing token, rising by 11% today.

In the news today:-

• The SEC has postponed decisions on Grayscale’s Solana and Litecoin ETF applications, adding to a series of delays for altcoin ETFs. Despite this, analysts believe SEC approval remains likely, though it may take several months to finalize.
• Binance Alpha launched an airdrop for Redacted’s RDAC token, marking the first platform to host it. Despite an initial 40% drop, RDAC has started recovering, powering Redacted’s Web3 startup accelerator ecosystem with staking capabilities for passive rewards.

The Crypto Market Looks For Support

The total crypto market cap is up by $39 billion, reaching $3.30 trillion. The market is now attempting to hold the $3.28 trillion level as support. If successful, this could signal continued upward momentum for the market, signaling optimism among investors.

Despite the positive news about the US-China trade deal, the market has not shown significant movement. While macro financial markets may improve, their impact on the crypto market remains uncertain. If the effect proves favorable, TOTAL could rise to $3.40 trillion, gaining further traction in the process.

Total Crypto Market Cap Analysis. Source: TradingView

If investor sentiment shifts due to the delay in market movement, there could be a shift to selling. This could push the crypto market below $3.28 trillion, leading it to fall towards $3.16 trillion. A dip to these levels would suggest bearish sentiment among traders.

Bitcoin Is Still Struggling

Bitcoin’s price is currently stuck under $105,000, and it is struggling to gain the necessary momentum for a breakout. While the market remains optimistic, BTC is trading at $103,549, showing a slight increase but still facing resistance at the key $105,000 level. A stronger bullish push is needed to drive the price higher.

A successful breakout above $105,000 is crucial for Bitcoin to potentially reach its all-time high (ATH) of $109,588. If this level is breached, Bitcoin could move towards $110,000, bringing significant gains for investors. The current consolidation phase could end if the price surges past this resistance.

Bitcoin Price Analysis. Source: TradingView

However, if Bitcoin continues to struggle at $105,000, profit-taking among holders may intensify. This selling pressure could result in Bitcoin’s price dropping back to $100,000, where support might be tested. A continued failure to break through this resistance could push the price lower, challenging investor confidence.

Ethena Takes The Top Spot

ENA rose by 11%, becoming the best-performing altcoin of the day, trading at $0.430. However, the altcoin is still below the resistance level of $0.442, which has proven challenging. A breach of this resistance would be critical for further gains. Investors are closely monitoring this level.

The Parabolic SAR indicator below the candlesticks is a bullish sign, suggesting ENA is primed for more growth. Breaching $0.442 could push the altcoin towards $0.475, confirming the upward momentum. If the altcoin continues to gain traction, this could spark further investor interest and support for a rise.

ENA Price Analysis. Source: TradingView

Failure to breach $0.442 would indicate a potential decline in momentum. A drop below this resistance level could lead to a fall to $0.384. This would erase recent gains and invalidate the bullish outlook, forcing traders to reassess their positions and possibly reduce exposure to ENA.