Why is the Crypto Market Up Today?

The cryptocurrency market has come alive today after its muted performance earlier this week. Bitcoin (BTC), the largest digital asset by market capitalization, has surged over 2% in the past 24 hours, leading a broader rebound across the market. Meanwhile, altcoins also show strength, with Cronos (CRO) emerging as the standout performer.

In the news today:-

• Canary Capital has filed to launch a TRUMP ETF, becoming the third firm to attempt such a product. Unlike earlier efforts, Canary uses a different structure that could make the fund more profitable.
• Japanese brokerage group Monex is exploring the launch of a yen-pegged stablecoin and fast-tracking overseas crypto acquisitions to expand its role in global digital finance.

TOTAL Steadies Above $3.73 Trillion: Can Momentum Push Toward $3.94 Trillion?

The total crypto market capitalization has surged 2% over the past 24 hours as trading activity gains momentum. TOTAL currently sits at $3.83 trillion, holding above the support floor at $3.73 trillion.

Despite the heavy volatility rocking the market since early August, this support has remained firm, absorbing mounting selling pressure and preventing a major pullback in TOTAL’s value.

The $3.73 trillion support level is particularly important because it reflects an area of strong buyer interest. A decisive break below this floor could undermine market confidence, triggering broader sell-offs.

If trading activity picks up and the bulls gradually return, TOTAL could climb toward $3.85 trillion. A decisive break above this level may spark a rally toward $3.94 trillion.

For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Total Crypto Market Cap Analysis. Source: TradingView

However, if sell-offs resume, TOTAL could once again test the $3.83 trillion support. If it fails to hold this time, its value might slide to $3.57 trillion.

BTC Faces Bearish Divergence: Pullback or Breakout Ahead?

Amid the broader market improvement, leading digital asset BTC has recorded a modest 1% price uptick in the past 24 hours. However, there’s a catch.

Readings from the coin’s Balance of Power (BoP) indicator on the daily chart reveal that it is in a downtrend, returning negative values. This creates a bearish divergence, hinting at the likelihood of a pullback in the near term.

The BoP measures the strength of buyers versus sellers in the market. A bearish divergence occurs when the price rises while the indicator trends downward, suggesting weakening buying pressure and a possible reversal.

If the bears regain control, they could erase BTC’s recent gains and push the price down to $107,557. 

Bitcoin Price Analysis. Source: TradingView

On the other hand, if demand improves, BTC could extend its rally past $111,961.

CRO Surges 50% as Trump Media Deal Fuels Frenzy

CRO is the market’s top gainer, climbing nearly 50% in the past 24 hours. This is why.

Reports indicated that Trump Media & Technology Group (TMTG), the company behind Truth Social, is reportedly trying to acquire $6.42 billion worth of CRO digital tokens.

However, new revelations provided more clarity, suggesting that not all is as it seems. Fresh reports indicate that the group is not purchasing $6.42 billion worth of CRO tokens immediately.

Instead, the company will begin with approximately $200 million in cash and a token position equal to about 19% of CRO’s market cap, obtained at nearly a 50% discount through prior deals.

If this continues to drive demand for CRO, its price rally could extend and break above $0.23. 

Cronos Price Analysis. Source: TradingView

On the other hand, if the hype dies down, the token’s price could tumble to $0.195.