Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) continues to post gains, even reaching its all-time high of $4.27 trillion. This was facilitated by Bitcoin (BTC) price crossing the $126,000 mark and forming a new all-time high during the intra-day rise over the last 24 hours. MYX Finance (MYX) emerged as the best performer of the day as it bounced back by 36%.

In the news today:-

• BitMine Immersion Technologies expanded its Ethereum reserves by 179,251 ETH last week, now holding over 2.83 million tokens — more than 2% of ETH’s supply. The firm also maintains $456 million in cash, 192 bitcoin, and a stake in Worldcoin-focused Eightco Holdings.
• Investors are backing a new proposal to end Polygon’s 2% annual POL inflation and introduce buybacks to protect token value. The plan, submitted by activist investor Venturefounder, seeks to curb selling pressure and gradually phase out inflation with treasury-supported buybacks or burns.

The Crypto Market Spikes

The total crypto market capitalization surged by $61 billion in the past 24 hours, reaching $4.21 trillion at press time. This marks one of the strongest daily gains in recent weeks, with the market peaking at $4.27 trillion as investor confidence strengthens across major digital assets.

Ongoing uncertainty surrounding the U.S. government Shutdown has fueled demand for cryptocurrencies as investors seek alternative stores of value. This sustained interest could enable the TOTAL market cap to bounce off from the $4.20 trillion support and extend its upward momentum, signaling a continued appetite for risk-on digital assets.

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Total Crypto Market Cap Analysis. Source: TradingView

However, if macroeconomic conditions improve, the crypto market could face renewed selling pressure. A drop below the $4.20 trillion threshold may push TOTAL beneath $4.16 trillion, with potential downside toward $4.00 trillion.

Bitcoin Forms Another New ATH

Bitcoin is trading at $124,439 after reaching a new all-time high of $126,199, marking its second consecutive record this week. Such back-to-back highs are rare for BTC, signaling exceptional market strength driven by growing institutional demand and positive investor sentiment.

If current market conditions persist, Bitcoin’s price could extend its rally and surpass $126,199. A successful breakout may push BTC toward the $130,000 level, forming yet another all-time high.  

Bitcoin Price Analysis. Source: TradingView

However, traders should remain cautious of potential market pullbacks. If Bitcoin faces bearish pressure, a drop toward $122,000 is possible. Losing this crucial support could accelerate a correction to $120,000,

MYX Finance Aims At Bouncing Back

MYX has emerged as the best-performing altcoin, surging 36% in the past 24 hours. The token narrowly avoided dropping below the $5.0 support level and has since rebounded strongly to trade at $6.2.

If current buying pressure continues, MYX could break through the $7.0 resistance level and extend its rally. Strong demand similar to the previous 24 hours may propel the token toward $8.9, setting new short-term highs and reinforcing the ongoing bullish momentum across the altcoin market.

MYX Price Analysis. Source: TradingView

However, if short-term investors begin taking profits, MYX’s price could reverse. A decline below $5.0 might trigger further losses, pushing the token down to $3.45. Such a move would invalidate the current bullish outlook.