Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are continuing to note an uptick today. EOS is leading the altcoins, rising by 19% over the last 24 hours as BTC nears the crucial $100,000 mark.

In the news today:-

• The US Office of the Comptroller of the Currency (OCC) has confirmed that banks can offer crypto custody and execution services for customers. This includes buying, selling, and outsourcing crypto services like asset settlement, trade execution, and tax reporting, while adhering to applicable laws.
• The US Federal Reserve kept its benchmark interest rate unchanged at 4.25% to 4.50% during the May 7, 2025, meeting, citing the need for more economic clarity. The decision reflects a wait-and-see approach as inflation stabilizes and growth slows, which is in line with market expectations.

The Crypto Market Nears Crucial Mark

The total crypto market cap has risen by $50 billion in the last 24 hours, currently sitting at $3.00 trillion. This positive price action follows the US Federal Reserve’s decision to keep interest rates unchanged, which has fueled investor optimism and contributed to the upward trend in the market.

If the current momentum continues, the total crypto market cap could successfully flip $3.00 trillion into a solid support level. This would pave the way for a rise to $3.09 trillion, reflecting strong market confidence and reinforcing the growing belief in the future of crypto assets.

Total Crypto Market Cap Analysis. Source: TradingView

However, if the market fails to breach the $3.00 trillion level, a decline may follow. A drop below this key level could push the total crypto market cap down to $2.93 trillion or even lower to $2.87 trillion. This would signal continued consolidation, with investors awaiting further direction from market catalysts.

Bitcoin Hits 2-Month High

Bitcoin’s price is currently at $98,743, just shy of breaking the critical $100,000 resistance level. This barrier has held for over two months, and crossing it would mark an 8-week high, signaling renewed bullish momentum and potential for further price gains in the coming weeks.

If Bitcoin manages to secure $100,000 as support, it could pave the way for a rise to $105,000. This level would likely spark increased investor interest and capital inflow, further driving Bitcoin’s price upwards. The successful breach of $100,000 could solidify Bitcoin’s position in a new growth phase.

Bitcoin Price Analysis. Source: TradingView

However, if investors decide to sell early and Bitcoin fails to breach $100,000, it may struggle to maintain upward momentum. In this scenario, the price could drop back down to $95,761 or lower, invalidating the current bullish outlook.

EOS Rises by 20%

EOS has emerged as the best-performing altcoin of the day, rising by 20% over the last 24 hours. Currently trading at $0.82, the altcoin is experiencing a monthly high. This surge in price reflects growing investor interest and positive sentiment around EOS’s short-term prospects.

The next significant resistance for EOS is at $0.84. Successfully flipping this level into support could lead to further gains, pushing EOS towards $0.90 and potentially reaching $1.00 in the coming days.

EOS Price Analysis. Source: TradingView

However, if EOS fails to breach $0.84 and the price reverses, it could fall to $0.74, invalidating the current bullish thesis. A decline to this level would erase recent gains, signaling a potential correction.