Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin are observing rather slow day today barely moving over the last 24 hours. In spite of these conditions, Bitget Token (BGB) has managed to continue its uptrend and chart a new all-time high.

In the news today:-

• Floki is partnering with an undisclosed asset manager to launch a meme coin exchange-traded product (ETP) in Europe by early 2025, pending approval. If successful, it would be the second meme coin with an institutional-grade investment product in Europe. The Floki DAO is voting on allocating $2.8 million in FLOKI tokens for early liquidity.
• Montenegro’s Constitutional Court rejected Do Kwon’s extradition appeal, clearing a path for the justice minister to decide between extradition to South Korea or the US. Reports suggest the US is the more likely destination.

The Crypto Market Is Still

The total crypto market cap has experienced a minor drop of 0.31% over the past 24 hours, now standing at $3.35 trillion. This slight decline suggests market stability, with investors cautiously observing whether the market can sustain its momentum or signal further changes in the near term.  

Holding above the $3.28 trillion support level is crucial for the market to sustain its recovery. If TOTAL manages to flip $3.49 trillion into a support zone, it could signal renewed bullish momentum. Such a shift would encourage broader investor participation and potentially set the stage for further upward movement.  

Total Crypto Market Cap Analysis. Source: TradingView

However, a loss of the $3.28 trillion support level could result in a significant decline, pushing TOTAL toward $3.10 trillion. Such a move would reflect weakened market confidence, possibly due to declining trading volumes or external macroeconomic pressures.

Bitcoin Is Finding Its Way

Bitcoin is currently trading at $98,964, aiming to flip the critical $100,000 resistance into support. Achieving this milestone would signal the potential for further recovery in its price trajectory, boosting investor confidence and reigniting bullish sentiment in the cryptocurrency market.

The next target for Bitcoin is $105,000, which would require strong support from macroeconomic factors. Positive cues from broader financial markets could provide the momentum needed for BTC to break past this level, solidifying its position as a leading asset and attracting increased trading activity.

Bitcoin Price Analysis. Source: TradingView

However, failure to breach $100,000 could result in Bitcoin consolidating below this resistance level. In such a scenario, BTC is likely to remain above the $95,668 support zone, with market participants closely monitoring these levels for signs of either recovery or further correction.

Bitget Token Forms a New ATH

BGB surged 30% in the last 24 hours, hitting a new all-time high of $6.37 during the intra-day trading session. This remarkable price movement highlights growing investor confidence, positioning the altcoin as a standout performer in the market.

The current trend suggests that BGB could continue its upward momentum, setting new highs in the coming days if market conditions remain favorable. Sustained bullish sentiment and increasing trading activity could further solidify BGB’s position, making it an appealing option for investors seeking short-term growth opportunities.

BGB Price Analysis. Source: TradingView

However, a price correction could see BGB drop to $4.90, a key support level. If this level is breached, the bullish outlook would be invalidated, signaling increased bearish pressure.