Why Is the Crypto Market Up Today?

The total market cap (TOTAL) and Bitcoin’s (BTC) price improved slightly over the past 24 hours as the market recovered. The cooldown from the drawdown also boosted some altcoins, such as Notcoin (NOT).

In the news today:-

• Nubank, a well-known Brazilian neobank, announced that it had integrated with Bitcoin’s Lightning Network. The move aimed to improve transaction speed, reduce costs, and improve scalability.
• US Congressman Matt Goez introduced a bill to allow federal income tax to be paid with Bitcoin. Bitcoin can also be used to pay for healthcare, public infrastructure, and other expenses.

The Total Market Cap Regains Some Profits

The crypto market cap enjoyed some recovery following consistently bearish days since the beginning of the month. TOTAL witnessed inflows of close to $40 billion over the past 24 hours, which pulled it back above the $2.20 trillion mark.

This is key for TOTAL to initiate a recovery and reclaim the losses witnessed since the crypto market began dropping from $2.50 trillion.

Read More: What Is a Private Blockchain? A Beginner’s Guide

Total Market Cap Analysis. Source: TradingView

If this fails, however, the total crypto market cap would end up slipping even further towards $2.00 trillion.

Bitcoin’s Price Saves Itself

Bitcoin’s price seems to have grown, bouncing back up from $60,000 and currently changing hands at $61,528. In this slow and steady traffic, BTC is finding some growth, which could end up pushing profits upwards.

BTC would need to sustain itself to secure a rise to 63,068. This price level is the critical support floor, and reclaiming it will reinitiate a rally.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis. Source: TradingView

On the other hand, a failure to breach it would keep BTC subdued under $62,000, extending the losses.

Notcoin Breaches Downtrend

Notcoin’s price rose to trade at $0.015 after breaching the downtrend line it was under since early June. NOT, over the last 24 hours, it rose by more than 10%, and sustaining it could push the Telegram token to $0.017.

This would help the altcoin regain the losses it endured due to the bearish conditions over the month. It would also bring NOT closer to $2.0.

Read More: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token

Notcoin Price Analysis. Source: TradingView

However, if Notcoin fails to do so, a fallback to $0.015 is possible. Losing this support would send NOT to $0.013, increasing the intensity of investors’ losses.