Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) witnessed one of the largest single day rises this month over the last 24 hours as the latter crossed $93,000. Immutable (IMX) took the top spot among altcoins as  it shot up by 32%.

In the news today:-

• Ripple identified a supply chain attack targeting DeFi wallets using the official xrpl.js package from NPM. While the extent of the compromised funds is unclear, Ripple has deprecated the affected packages, and no significant thefts have been reported from major DeFi wallets.
• Jay Clayton, Trump’s nominee for US Attorney in the SDNY, previously filed the SEC’s lawsuit against Ripple despite promising to end crypto crackdowns. His nomination raises concerns about the quality of crypto’s new political allies, as Trump plans to use a loophole to bypass a confirmation challenge.

The Crypto Market Jumps

The total crypto market cap saw a significant rise on Tuesday, adding $178 billion to reach $2.88 trillion. This surge was fueled by news of Paul Atkins being appointed as the next SEC Chair, which brought optimism to the market and helped propel the bullish momentum for crypto assets.

TOTAL is holding steady above the support level of $2.85 trillion, showing positive signs for further gains. The next target for the crypto market cap is to breach $2.93 trillion. Achieving this milestone could pave the way for a move toward $3.00 trillion, bolstering investor confidence.

TOTAL Price Analysis. Source: TradingView

However, if the broader market faces selling pressure, the crypto market cap could slip below the support of $2.85 trillion. A drop to $2.74 trillion would indicate bearish sentiment and could slow down the ongoing rally.

Bitcoin Crosses Crucial Barriers

Bitcoin’s price has seen a 6.3% increase in the past 24 hours, trading at $93,033. The altcoin is currently testing resistance at $93,625, marking its highest level in a month and a half. If this resistance is breached, Bitcoin could see further upward movement toward $95,761.

With sustained bullish momentum from the broader market, Bitcoin could break the $93,625 resistance and push toward the next key barrier of $95,761. Successfully surpassing this resistance would bring Bitcoin closer to the psychological $100,000 level, sparking greater investor interest and further gains for the leading cryptocurrency.

BTC Price Analysis. Source: TradingView

On the other hand, if Bitcoin fails to break through $93,625, it could experience a pullback, with support at $89,800. The RSI is also inching closer to the overbought zone, which could signal a saturation of bullishness, followed by a reversal. A further decline below $89,800 could send the price down to $86,822, invalidating the bullish outlook and potentially leading to a longer consolidation period.

Immutable Wears The Crown

IMX price surged by 32% in the last 24 hours, reaching $0.619 at the time of writing. The altcoin has benefited from positive broader market cues, making it the day’s top performer. This rally has sparked optimism among investors, further strengthening the bullish sentiment surrounding IMX.

If the bullish momentum continues, IMX could rise to $0.721 in the coming days, erasing the 47% losses from March. A sustained uptrend past this resistance would encourage more buying, potentially propelling the altcoin toward higher price levels.

IMX Price Analysis. Source: TradingView

However, should IMX fail to secure $0.601 as support, it risks slipping below this level and testing the next support at $0.480. If the altcoin falls through this critical level, it will invalidate the bullish outlook, leading to further downside potential.