Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) is back above a key support level, as is Bitcoin (BTC), which is trading at $69,500 at the moment. This bullishness also pulled up many altcoins, with AIOZ Network taking the spot of the top performer.

In the news today:-

• According to Market Lead Lucie, Shiba Inu plans to develop new tokens to expand its ecosystem. The chain also intends to build a layer-3 blockchain, for which it recently received a $12 million investment.
• Compound Finance’s DAO is under scrutiny following a governance attack. A COMP whale named Humpy allegedly used his COMP to pass a proposal that was created by the whale. Passing the proposal allowed $25 million worth of COMP to be sent from the treasury to the whale’s vault.

The Crypto Market Is Doing a Lot Better

The total crypto market cap has not initiated a recovery but is simply performing better than before. Up by $51 billion in less than 24 hours, TOTAL currently stands at $2.42 trillion.

Above the critical support of $2.40 trillion, TOTAL aims to breach and flip the $2.50 trillion resistance into a support floor. This would be the trigger following which recovery could restart

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Total Crypto Market Cap Analysis. Source: TradingView

However, if the macro-financial market remains weak, this breach could fail as it has in the past. As a result, TOTAL would be down to $2.40 trillion again.

Bitcoin’s Price Closes in on $70,000

Bitcoin’s price is performing better than expected, as it has nearly recovered all the losses noted in June. BTC is now close to breaking out of the bullish descending broadening wedge pattern, which could push it further up.

Once $70,000 is breached, the all-time high of $73,800 would not be far away. Breaching it could potentially trigger bullishness across the crypto market.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis. Source: TradingView

On the other hand, a failed breach of $70,000 would mean consolidation, as BTC will most certainly decline on the daily chart. However, it could find support at $67,000 to soften its drop on the daily chart.

AIOZ Network Leaves a Mark

The AIOZ price led the altcoins to rise. The crypto asset noted a 26% rise within the last 24 hours, bringing it to $0.68. This is the highest single-day rise for the altcoin in nearly five months, as the last time this occurred was in early March.

The altcoin is currently above the key support level of $0.57, which it was struggling to breach for a month. The next resistance now lies at $0.76, which may not be invalidated anytime soon.

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AIOZ Price Analysis. Source: TradingView

Instead, AIOZ Network could remain bound within these levels to note consolidation around the $.0.70 mark.