Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) has gained by $90 billion owing to multiple factors like the US President’s TRUMP meme coin dinner, the GENIUS Act nearing approval, and Strategy’s growing demand for BTC. Bitcoin (BTC), too, made history after forming a new ATH at $111,980 over the last 24 hours. Worldcoin piggybacked on BTC’s rally to post a 32% rise, emerging as the best-performing altcoin.

In the news today:-

• Several Democratic senators held a press conference criticizing President Trump over his crypto dealings and his TRUMP meme coin dinner, calling for transparency on the guest list. Despite this, the passage of the GENIUS Act shows that many Democrats still support a pro-crypto agenda.
• Beself Brands is launching BeToken, a platform allowing global users to access company stock and potentially revolutionize IPOs. However, the company has not yet received full regulatory approval for selling its 2.97 million tokens, raising some concerns.

The Crypto Market Climbs Higher

The total crypto market cap has risen by $90 billion in the past 24 hours, reaching $3.48 trillion. This surge has been driven by several factors, particularly Bitcoin’s new all-time high (ATH). As Bitcoin leads the market, broader positive momentum has impacted other cryptocurrencies as well.

If the bullish trend persists, the market cap could easily breach the $3.49 trillion resistance. A successful breach would open the door for TOTAL to test the next significant resistance at $3.64 trillion. Strong support from major coins and institutional interest could drive this further upward, fueling further growth.

Total Crypto Market Cap Analysis. Source: TradingView

However, if the market fails to maintain momentum and fails to breach $3.49 trillion, the crypto market could retrace. A rejection at this level might result in a decline toward the $3.31 trillion support zone. Such a dip would potentially erase a significant portion of the recent gains, triggering bearish sentiment.

Bitcoin Enjoys Its New Gains

Bitcoin recently formed a new all-time high, reaching $111,980. However, it is currently trading at $111,200, showing signs of uncertainty. Despite the positive price action, BTC has not fully secured its footing, indicating a potential battle between bulls and bears in the market.

The Parabolic SAR indicator below the candlesticks confirms that the uptrend is still intact. If the bullish momentum persists, Bitcoin could surpass its previous all-time high and rise to $112,500. A successful breach of this level would confirm further growth and may set a new high for BTC’s price.

Bitcoin Price Analysis. Source: TradingView

However, investor profit-taking could reverse Bitcoin’s upward trajectory. A decline to $110,000 could signal a shift in market sentiment. If this happens, further losses could ensue, invalidating the bullish outlook and possibly signaling the beginning of a consolidation phase.

Worldcoin Finds A Spot At The Top

WLD’s price surged by 32% in the last 24 hours, positioning it as the leading altcoin. Currently trading at $1.58, WLD is aiming to secure $1.54 as a support level. Successfully holding this support would be crucial for continuing its bullish momentum and future growth potential.

Flipping $1.54 into support would allow WLD to target the resistance of $1.74. This upward movement would help solidify recent gains and extend the altcoin’s rally. If WLD maintains this momentum, it could make significant strides toward breaking previous resistance levels, reinforcing its bullish outlook.

WLD Price Analysis. Source: TradingView

However, if WLD fails to secure $1.54 as support, a decline is likely. A fall below this level could send the price to $1.33, invalidating the bullish thesis. Such a dip would indicate weakening demand and could prompt further losses for the altcoin.