Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) have not made much gain over the last 24 hours. However, the story of some of the altcoins is much different, particularly that of MYX Finance (MYX), which posted a near 284% rise today.

In the news today:-

• Metaplanet and Convano expanded their Bitcoin holdings, with Metaplanet now owning 20,136 BTC worth $2.07 billion. The move highlights Japan’s corporate push to hedge against yen weakness and ongoing monetary policy uncertainty.
• SwissBorg suffered a $41.5 million hack targeting its Solana staking protocol via a partner API vulnerability. The firm said losses were limited to this service and pledged partial refunds to affected users.

The Crypto Market Finds Support

The total crypto market cap is up by $13.8 billion in the last 24 hours, standing at $3.80 trillion. TOTAL is now attempting to flip $3.81 trillion into a support level, which could determine the next market direction.

If TOTAL secures $3.81 trillion as support, it could rise to $3.89 trillion in the coming days. This move would be essential for broader market recovery, helping investors regain recent losses. Strong investor participation will be critical in sustaining this upward trajectory.

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Total Crypto Market Cap Analysis. Source: TradingView

However, if investor sentiment weakens and tokens across the market fail to gain sufficient support, TOTAL may reverse its gains. A decline below $3.81 trillion could drag the market back toward $3.73 trillion, effectively invalidating the current bullish thesis.

Bitcoin Is Yet To Break Out

Bitcoin’s price is currently at $111,295, holding steady within the $112,500 resistance and $110,000 support range. The crypto king remains rangebound as market conditions lack a strong trigger, leaving investors watching closely for signs of a breakout.

The RSI suggests Bitcoin is not witnessing bullish momentum, with the indicator still below the neutral 50.0 line. This bearish reading signals continued sideways action, limiting BTC’s potential for immediate gains and keeping market sentiment cautious in the short term.

Bitcoin Price Analysis. Source: TradingView

If investors show strong confidence, Bitcoin could break through the $112,500 resistance level. Flipping it into support would pave the way for a push toward $115,000. Such a move would invalidate the bearish-neutral outlook and reignite bullish momentum for BTC.

MYX Finance Is Leading The Rise

MYX Finance has become the focus of the crypto market after its explosive rally. The native MYX Exchange token surged following Friday’s announcement that World Liberty Financial (WLFI), a token linked to Donald Trump, would officially list on the MYX platform.

Within 24 hours, MYX price skyrocketed nearly 284%, reaching $13.32 and marking a new all-time high at $14.89. The token continues to hold above $11.52, establishing this support as a critical level for sustaining momentum and defending against short-term selling pressure in the market.

MYX Price Analysis. Source: TradingView

However, if investors begin booking profits aggressively, MYX could lose its current support level. The price may fall below $11.52, potentially establishing a new base closer to $3.45. Such a correction would weaken the bullish outlook and challenge the token’s recent explosive gains.