Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) has seen a mild improvement in the last 24 hours as Bitcoin also climbed to $87,600. Among the altcoins, Bonk (BONK) emerged as a surprise hit, rising by 14.5% today.

In the news today:-

• A multisig wallet linked to the collapsed LIBRA meme coin moved $9 million in SOL after nine months of inactivity, just as U.S. authorities considered freezing related funds. Analysts say the transfers appear designed to obscure the destination, adding new complications to the ongoing federal investigation.
• SanDisk will join the S&P 500 on November 28, replacing Interpublic Group, sending its shares up more than 9% after the announcement. Meanwhile, Strategy—formerly MicroStrategy—remains excluded from the index despite holding over 640,000 Bitcoin.

The Crypto Market Can Continue Rising

The total crypto market cap has risen by $52 billion in the past 24 hours, reaching $2.98 trillion, attempting to flip the $3.00 trillion level into support. This shift signals renewed confidence and early signs of bullishness.

With the market appearing to have bottomed out, recovery momentum is building. Strengthening sentiment could lift the value of tokens and push TOTAL past the $3.00 trillion mark. This would make reaching $3.05 trillion easier for TOTAL.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Total Crypto Market Cap Analysis. Source: TradingView

If uncertainty returns, the market may struggle to hold current levels. A drop back to $2.93 trillion could send TOTAL toward $2.87 trillion or even $2.80 trillion. Weakening demand would increase the likelihood of this downside scenario.

Bitcoin Needs To Breach Another Barrier

Bitcoin trades at $87,609 and remains above the $86,822 support level as it attempts to bounce back. The crypto king is showing early signs of recovery, heading towards the $90,000 zone as broader sentiment slowly improves.

For Bitcoin to advance further, it must break the $89,800 resistance and flip it into support. Securing $91,521 as a stable floor would strengthen bullish momentum.

Bitcoin Price Analysis. Source: TradingView

If Bitcoin fails to sustain its recovery, downside risks remain. A drop toward $85,204 or below $85,000 could signal weakening sentiment and invalidate the bullish thesis. Continued selling pressure may push BTC further to $82,503 as market uncertainty grows.

Bonk Has a Long Way To Go

BONK surprised the market with a sharp 14.5% jump in the past 24 hours. The meme coin now trades at $0.00001015 and is attempting to secure $0.00001013 as a new support level, signaling strengthening short-term momentum after days of volatility.

Despite today’s rally, BONK still faces a steep road to recover its recent 35.4% decline. To regain lost ground, the price must climb toward $0.00001353, breaking several key resistance levels along the way, starting with $0.00001103. Strong inflows and market confidence will be essential.

BONK Price Analysis. Source: TradingView

If bullish momentum weakens, BONK may struggle to sustain its rebound. A failure to maintain upward pressure could send the price back to the $0.00000885 support level. Losing this zone would invalidate the bullish thesis and expose the meme coin to further downside risk.