Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) is showing signs of improvement over the last 24 hours, rising by $23.8 billion. Bitcoin (BTC) is observing a surge as well, sitting at $85,963 with altcoins following its cues, led by MYX Finance (MYX), noting a 12% rise.

In the news today:-

• A malformed delegation transaction exploiting an old Cardano software bug caused a temporary network fork, prompting an FBI investigation. Hoskinson warned that disrupting blockchain operations is a serious cybercrime, especially when it impacts users’ funds and commercial activity.
• Crypto Dispensers is exploring a potential $100 million sale as its founder faces federal money laundering charges, hiring advisors for a strategic review. The company, which shifted from Bitcoin ATMs to software in 2020, says it may still remain independent if no satisfactory deal emerges.

The Crypto Market Looks To Recovery

The total crypto market cap has risen by $23 billion and now sits at $2.89 trillion as optimism builds ahead of Grayscale’s DOGE and XRP ETF launches on Monday. The renewed interest has sparked early recovery signs across major cryptocurrencies, boosting confidence after a volatile week.

If momentum continues, TOTAL may climb toward the $2.93 trillion resistance. Flipping this level into support will be essential for extending the rally and attempting a move toward the $3.00 trillion resistance. Strong inflows and improving sentiment could support this upward push.

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Total Crypto Market Cap Analysis. Source: TradingView

If bearish pressure prevails despite the ETF launch, the market may reverse course. A downturn could drag TOTAL back to $2.80 trillion or lower as broad sell-offs resume. Weak liquidity and risk-off sentiment would reinforce the decline across the crypto market.

Bitcoin Finds Support Around $85,000

Bitcoin trades at $85,693 and continues to hold above the key $85,204 support level. The crypto king has established a stable base near $85,000, signaling strong buyer interest despite recent volatility. This support zone remains critical for maintaining short-term stability in a challenging market environment.

Bitcoin now faces resistance at $86,822, which must be broken to regain bullish momentum. A successful move above this barrier could help the price recover recent losses and target $89,800 next. Clearing that level would strengthen the broader recovery and improve market sentiment.

Bitcoin Price Analysis. Source: TradingView

If market conditions weaken, Bitcoin may fail to break resistance and instead move lower. A decline toward the $82,503 support level would invalidate the bullish thesis and signal renewed downside pressure.

MYX Finance Climbs Back To $3

MYX was the strongest performer of the day, rising 12% in the past 24 hours to trade at $2.84. While gains were modest compared with previous rallies, the move signals renewed interest in the altcoin as traders look for short-term momentum plays in a volatile market.

MYX is positioned just below the key $3.00 barrier and may attempt another breakout soon. If broader market sentiment turns bullish, the altcoin could push through this resistance and extend its climb toward $3.30. Sustained buyer support would be essential for this move.

MYX Price Analysis. Source: TradingView

If bullish momentum weakens, MYX may retrace back to $2.65 or even $2.46. A deeper drop would either invalidate the bullish outlook or lead to a period of consolidation.