Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) continued their growth this weekend, with the latter forming a new all-time high. Hedera (HBAR) observed the most growth among the altcoins today, leading with a 27% rise in the last 24 hours.

In the news today:-

• SharpLink Gaming acquired an additional 16,374 ETH on Sunday, worth around $48.85 million, bringing their total holdings to approximately 270,000 ETH. This acquisition, according to Arkham Intelligence, significantly increases the company’s cryptocurrency portfolio.
• Bank of England Governor Andrew Bailey has cautioned against allowing major banks to issue their own stablecoins, citing risks to financial stability and money laundering. This contrasts with the US, where stablecoin adoption is a key part of Trump’s push to make the US a crypto hub.

The Crypto Market Rises

The total crypto market cap stands at $3.69 trillion, gaining $81 billion in the last 24 hours. This rise occurs despite President Trump’s recent tariff announcements, which show resilience in the broader market. 

Bitcoin’s momentum continues to lead the market, helping altcoins capitalize on the bullish sentiment. TOTAL is now targeting $3.64 trillion as support. Securing this level will allow the market to break through the next resistance at $3.73 trillion. 

Total Crypto Market Cap Analysis. Source: TradingView

If the broader market experiences a downturn, TOTAL might fail to hold $3.64 trillion as support. In such a scenario, the market could retreat to $3.49 trillion, erasing recent gains. This likely triggers further declines unless fresh capital enters the market to stabilize prices.

Bitcoin Forms A New High

Bitcoin’s dream run continues, with a new all-time high (ATH) formed at $119,966 in the last 24 hours. The cryptocurrency king is now trading at $119,735, just below the critical $120,000 mark. Bitcoin’s bullish momentum is showing strength, with anticipation growing for a breakout above this psychological level.

The $120,000 mark is likely to act as a psychological resistance level for Bitcoin. If the price successfully breaches this threshold, it could trigger a surge of buying activity driven by FOMO (fear of missing out). This would likely push Bitcoin even higher as momentum builds.

Bitcoin Price Analysis. Source: TradingView

Despite the bullish outlook, Bitcoin’s RSI (Relative Strength Index) indicates that the coin is currently overbought. If investors decide to take profits, the selling pressure could lead to a reversal. This potential correction might see Bitcoin fall back to around $115,000, temporarily invalidating the bullish thesis and cooling off the market.

HBAR Hits 4-Month High

HBAR’s price has surged by 27.6% in the last 24 hours, trading at $0.252. This notable increase comes after the Hedera Foundation joined Project Acacia, led by Australia’s central bank. The collaboration has fueled growing interest in the altcoin, further boosting its price momentum.

The altcoin is now attempting to secure $0.250 as a support level, which is critical for maintaining its recent upward momentum. A successful hold at this level could push HBAR toward $0.267, solidifying the gains from its 4-month high and positioning it for continued growth.

HBAR Price Analysis. Source: TradingView

However, if HBAR fails to convert $0.250 into support, the price may retreat, falling back to $0.220 or lower. This would wipe out recent gains and invalidate the bullish outlook, signaling a potential downturn for the altcoin.