Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are holding steadily around key price levels as the volatility remains at a low. Stacks (STX) is capitalizing on this momentum, rising by 15% in the last 24 hours.

In the news today:-

• A recent Citi Institute study predicts the global stablecoin market could reach up to $3.7 trillion by 2030, with a base case of $1.5 trillion. The report remains optimistic despite risks that could lead to a bearish scenario of $0.5 trillion, highlighting the potential impact on global markets.

• Polymarket’s prediction market for the next Pope saw $6.4 million in bets after a viral hoax falsely claimed the Catholic Church would excommunicate gamblers. The fake post, shared by a popular X account, condemned platforms like Polymarket for turning the papal election into a financial speculation.

The Crypto Market Nears $3 Trillion

The total crypto market cap maintained a steady position over the last 24 hours, holding above the $2.85 trillion support level. Currently trading at $2.89 trillion, the market seems to be finding stability despite minor fluctuations. This stability comes as investors await a potential breakout.

TOTAL is nearing the $3.00 trillion mark, facing resistance at $2.93 trillion. If the market manages to flip this barrier into support, further bullish momentum could follow, leading to even stronger growth. 

Total Crypto Market Cap Analysis. Source: TradingView

However, a drop below the support of $2.85 trillion could result in a decline in the total crypto market cap. This could push the market lower, testing levels as low as $2.80 trillion or possibly even $2.74 trillion, invalidating the current bullish outlook.

Bitcoin Needs A Boost

Bitcoin’s price has shown minimal movement, trading at $93,397 at the time of writing. Despite low volatility over the last 24 hours, BTC has struggled to secure $93,625 as support. This lack of decisive price action leaves Bitcoin vulnerable to short-term fluctuations.

If Bitcoin can secure $93,625 as support in the coming days, it could potentially move towards $95,668. This level represents the final resistance before reaching $100,000. A successful breakthrough could ignite further bullish momentum, pushing Bitcoin toward new price levels and encouraging investor confidence.

Bitcoin Price Analysis. Source: TradingView

However, if Bitcoin fails to hold above $93,625 and sees selling pressure, it could drop below key support levels. A fall through $91,581 and $89,800 would invalidate the bullish outlook, extending the current price weakness.

Stacks Hits A 2-Month High

STX emerged as the best-performing altcoin of the day, rising 15.5% to trade at $0.902. The altcoin successfully breached the $0.870 mark, indicating strong bullish momentum. This significant price move highlights investor confidence and suggests the possibility of further growth if market conditions remain favorable for STX.

With STX reaching a near two-month high, it looks set to continue its upward trajectory toward the $1.000 mark. Achieving this level would allow STX to target its next resistance at $1.088, signaling the potential for more gains. A successful break above $1.000 could reinforce STX’s bullish outlook in the near term.

STX Price Analysis. Source: TradingView

However, should STX experience short-term profit-taking, a price reversal is possible. In this scenario, the altcoin could fall through the support level at $0.870 and target a decline to $0.778, potentially reaching $0.729.