Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) rose by $164 billion as Bitcoin made history by crossing the $100,000 mark. Owing to the appointment of a pro-crypto Securities and Exchange Commission (SEC) chair, the market surged. Among the altcoins, Render (RNDR) noted the largest increase, rising by 31% in the last 24 hours.

In the news today:-

• President-elect Donald Trump has appointed Paul Atkins, a pro-cryptocurrency advocate, to lead the SEC, replacing Gary Gensler. Atkins is expected to reduce regulatory burdens and impose lighter penalties on financial violations.
• The Indian government has uncovered $97 million in unpaid GST liabilities from cryptocurrency exchanges, including Binance and WazirX. Authorities have already recovered $14 million, and 17 crypto companies, including WazirX, CoinDCX, and CoinSwitch Kuber, have been charged with tax evasion.

The Crypto Market Booms

The total crypto market cap surged by $164 billion in the last 24 hours, reaching an all-time high (ATH) of $3.64 trillion. This major increase reflects a hyper-bullish sentiment sweeping across the broader market. The growth is driven by optimism around regulatory developments and institutional adoption.

The recent rally is attributed to positive developments surrounding cryptocurrency regulation in the United States. The appointment of a pro-crypto SEC chair has fueled investor confidence, lifting market sentiment. This change in regulatory stance has likely triggered a wave of bullish buying activity, driving prices higher across the board.

Total Crypto Market Cap Analysis. Source: TradingView

Support for the total crypto market cap is now set at $3.49 trillion. Maintaining this level will be crucial for sustaining the upward trend and enabling further increases. If the market cap falls below this support, the bullish outlook could be invalidated, signaling a potential reversal in the trend.

Bitcoin Makes History

Bitcoin reached a new all-time high (ATH) of $104,087 today, surpassing the highly anticipated $100,000 milestone. This achievement marks a significant moment in Bitcoin’s price history, with many analysts predicting a continued uptrend. Bitcoin’s strong performance has further solidified its position in the market.

Over the last 24 hours, Bitcoin rose by 7.7%, currently trading at $103,253. The next key target for BTC is to flip $105,000 into support, which would confirm the continuation of its bullish momentum. 

Bitcoin Price Analysis. Source: TradingView

However, if profit-taking occurs, Bitcoin may experience a pullback below the $100,000 mark. A drop under this level would invalidate the current bullish outlook, erasing recent gains. Such a correction could signal a shift in market sentiment and trigger further downside movement.

Render Takes the Top Spot

Render’s price surged by 31% in the last 24 hours, reaching a high of $11.76 before slightly correcting to $10.61. This rapid price movement indicates strong short-term momentum for the altcoin. If the upward trend continues, Render may aim for further price gains in the coming sessions.

Today’s rally has brought Render to a six-month high but has yet to break the $11.32 resistance level. Turning this level into support would pave the way for a move toward $12.00 and possibly higher.

RNDR Price Analysis. Source: TradingView

However, if Render fails to surpass $11.32, the altcoin could consolidate between $11.32 and $9.88, as seen between May and June. This range-bound movement would invalidate the current bullish outlook, and Render’s price could struggle to break out of this zone.