Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) made history today, crossing the $4 trillion mark, with Bitcoin (BTC) breaching the $122,000 resistance for the first time in a month. Lido Dao (LDO) emerge as the best performing altcoin rallying by 10% in 24 hours.

In the news today:-

• LayerZero Foundation has proposed a $110 million acquisition of the Stargate cross-chain bridge and STG tokens, aiming to integrate them into its ecosystem and transition governance to ZRO tokens. This move is expected to enhance Stargate’s roadmap and influence cross-chain transaction dynamics and token valuations.
• Bo Hines, executive director of the White House Crypto Council, announced his resignation on Saturday to rejoin the private sector. He expressed gratitude for the crypto community’s strong support since his appointment in December 2024.

The Crypto Market Makes History

The total crypto market cap surged by $122 billion in just 24 hours, reflecting the broader bullish market trend. With TOTAL reaching an impressive $4.00 trillion, the crypto market’s optimism continues to gain momentum.

Currently, TOTAL sits at $3.99 trillion, supported by the $3.94 trillion level. To maintain its upward trajectory, the market must solidify $4.00 trillion as a strong support zone. A successful claim of this level could further drive growth and stability.

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Total Crypto Market Cap Analysis. Source: TradingView

However, the market remains volatile. If a selling frenzy takes over, TOTAL could fall below the critical $3.94 trillion mark. This decline could erase recent gains, pushing the market cap down to $3.89 trillion.

Bitcoin is Nearing Its ATH

Bitcoin’s price surged by 4.59%, briefly surpassing $122,000. This impressive gain highlights Bitcoin’s strong bullish momentum. With this surge, Bitcoin has positioned itself near key resistance levels.

Bitcoin is approaching its all-time high (ATH) of $123,218, marking a monthly peak. If the current bullish momentum holds, Bitcoin could surpass this barrier and set a new ATH. Continued positive market sentiment and growing adoption are expected to fuel the momentum.

Bitcoin Price Analysis. Source: TradingView

However, Bitcoin faces potential risks if outflows occur from either institutional or retail investors. A loss of support below $120,000 could trigger a price correction, undermining the current bullish outlook.

Lido DAO Is Marking a 5-Month High

Lido DAO (LDO) saw a significant 11% price increase in the last 24 hours, making it the best-performing asset of the day. At the time of writing, LDO is struggling to break the $1.56 resistance. 

The 50-day and 200-day exponential moving averages (EMAs) are nearing a Golden Cross, a signal of a bullish market. As the 50-day EMA crosses above the 200-day EMA, it will likely propel LDO past $1.56, targeting the next resistance at $1.82. This signals strong momentum for LDO’s price growth.

LDO Price Analysis. Source: TradingView

However, if Bitcoin’s price drops below the $1.34 support level, it could reverse the recent gains in LDO. Such a move would invalidate the bullish outlook, pushing LDO towards $1.18.