Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are noting gains as the weekend closed positively. Another token that managed to surprise investors was Pump.fun (PUMP), which is enjoying a 10% rise.

In the news today:-

• Aster, a decentralized perpetuals exchange backed by Binance founder CZ, fell 10% in 24 hours amid rising doubts. Investor Mike Ess sold 60% of his holdings, rotating into Bitcoin and Plasma.
• Hyperliquid (HYPE) launched a community initiative by distributing 4,600 Hypurr NFTs on HyperEVM to boost sentiment. This came as its staked token kHYPE briefly lost its peg before recovering.

The Crypto Market Holds On

The total crypto market cap climbed by $71 billion in the past 24 hours, now sitting at $3.81 trillion. This weekend rally highlights renewed investor confidence after days of stagnation. The rebound signals that digital assets are regaining strength, potentially stabilizing the broader crypto market in the short term.

If momentum continues, $3.81 trillion could be secured as a critical support floor. Holding this level would enable the crypto market to push higher, with the next key target at $3.89 trillion. Such growth would boost the value of major tokens, strengthening sentiment across Bitcoin, Ethereum, and leading altcoins.

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Total Crypto Market Cap Analysis. Source: TradingView

However, bearish cues remain a risk to the market’s recovery. Should selling pressure intensify, TOTAL could fail to hold $3.81 trillion. A slip below this threshold would expose the crypto market cap to further losses, potentially sliding toward $3.73 trillion, undoing the gains recorded over the weekend rally.

Bitcoin Notes Gains

Bitcoin’s price is trading at $111,740, approaching the crucial $112,500 resistance after a sharp weekend surge. The crypto king is benefiting from improved sentiment across the broader market, which has provided much-needed relief after weeks of volatility. This momentum sets the stage for further upward movement in BTC.

If this trend holds, Bitcoin could breach the $112,500 resistance and target $115,000. Such a move would allow BTC to recover a significant portion of its recent losses, boosting investor confidence.

Bitcoin Price Analysis. Source: TradingView

However, the bullish momentum remains fragile. If Bitcoin slips back to $110,000, bearish pressure could increase and drive further declines. Losing this support would invalidate the bullish thesis entirely.

Pump.fun Enjoys Gains

PUMP emerged as the day’s best-performing altcoin, climbing 10.6% in just 24 hours. The crypto token is presently testing the $0.0062 resistance level. This strong upward momentum signals renewed investor interest, with the token attempting to recover from its recent declines amid broader market uncertainty.

The altcoin also maintains crucial support above $0.0056. Sustaining this position could fuel another leg upward, allowing PUMP to breach $0.0062. If successful, the token may extend gains toward $0.0077, marking a significant recovery move and restoring confidence among traders after earlier bearish pressures.

PUMP Price Analysis. Source: TradingView

However, risks remain if bullish momentum fades. A slip through the $0.0056 support would invalidate the positive outlook for PUMP. This breakdown could trigger a sharper decline, sending the crypto token toward $0.0047. Such a move would expose weakness and dampen investor optimism in the short term.