Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) continued its rally on Sunday owing to the US fiscal gridlock. Bitcoin (BTC) benefiting from the same formed a new all-time high today beyond the $125,000 mark. SPX6900 (SPX) took the top spot among the altcoins as it posted a 12.5% rise in the last 24 hours.

In the news today:-

• MetaMask launched a $30 million LINEA token reward program to boost engagement ahead of its token debut. The initiative features a points-based system rewarding users for spot, perpetual, and historical trading activity, with details revealed through a recent GitHub update.
• Sam Bankman-Fried said in prison interviews that giving FTX control to CEO John Ray III was his biggest mistake, alleging pressure from advisers. Despite his conviction on seven fraud and money laundering charges, he insists FTX was never bankrupt and denies defrauding anyone while serving a 25-year sentence.

The Crypto Market Surges

The US government shutdown is likely nearing its end, potentially wrapping up by Monday. Investor optimism remains high as the crypto market benefits from this sentiment. The total crypto market cap (TOTAL) now stands at $4.16 trillion, reflecting strong weekend momentum driven by renewed risk appetite among traders.

TOTAL has gained $16 billion in the past 24 hours despite volatility, as some investors take profits following recent surges. If favorable market conditions continue, TOTAL could push beyond the $4.20 trillion resistance.

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Total Crypto Market Cap Analysis. Source: TradingView

However, renewed bearish momentum could shift sentiment quickly. A drop below $4.10 trillion would erase a significant portion of recent gains and trigger potential liquidations.

Bitcoin Forms A New High

Bitcoin’s price surged to a new all-time high of $125,708 in the last 24 hours, reaffirming its dominance in the crypto market. The milestone highlights growing investor confidence as inflows increase across major exchanges, signaling that institutional demand continues to support the ongoing rally.

The broader market’s bullish momentum has helped sustain Bitcoin’s gains, with the crypto king now trading at $123,233. If the current momentum holds, BTC could maintain its upward trajectory and push beyond its record high, setting the stage for another leg of growth in the coming days.

Bitcoin Price Analysis. Source: TradingView

However, technical indicators suggest potential caution ahead. The Relative Strength Index (RSI) shows that Bitcoin is currently in an overbought zone, which could trigger a short-term reversal. A dip below $122,000 might signal profit-taking, potentially cooling the market after its historic breakout.

SPX6900 Gains Sharply

SPX became the day’s top-performing altcoin after soaring 12.5% in the last 24 hours. The altcoin is trading at $1.58, marking a nearly two-month high. This surge signals renewed investor interest and growing confidence in SPX, supported by the broader market’s ongoing bullish sentiment across digital assets.

The Parabolic SAR indicator confirms an active uptrend for SPX, suggesting further price growth ahead. If momentum holds, the altcoin could extend gains toward $1.74 and potentially higher levels. 

SPX Price Analysis. Source: TradingView

However, downside risks remain if investors begin profit-taking after recent gains. A wave of selling could send SPX’s price down to $1.39 or even $1.29. Such a decline would invalidate the bullish thesis, erasing part of the token’s recent momentum and signaling potential market exhaustion.