Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) is noting an increase over the last 24 hours driven by Bitcoin (BTC) price’s rise to $111,000. Altcoins are also enjoying gains with Ondo (ONDO) leading the surge after a 9% rise over the last 24 hours.

In the news today:-

• SharpLink Gaming (SBET) bought over $176 million worth of ETH in late August, raising its holdings to 837,230 ETH valued at $3.6 billion. Despite the aggressive accumulation, the company’s stock has shown little excitement amid a weaker risk appetite for equities and volatile assets.
• Binance launched Medá, a licensed Electronic Payment Funds Institution in Mexico, committing over $53 million to peso-based payment services in four years. Operating independently from Binance’s global exchange, Medá focuses solely on regulated, peso-denominated financial operations in the country.

The Crypto Market Is Rising

The total crypto market cap has risen nearly $60 billion in the past 24 hours, reaching $3.78 trillion at the time of writing. Despite the rebound, TOTAL remains below the $3.81 trillion resistance level.

Although the recovery trend is gaining traction, TOTAL must breach and flip $3.81 trillion into support to solidify gains. Establishing this level as a base would strengthen bullish momentum and create room for the crypto market to advance further.

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Total Crypto Market Cap Analysis. Source: TradingView

If investors choose to sell, TOTAL could quickly lose ground. A decline toward $3.73 trillion would erase recent progress and stall recovery attempts.

Bitcoin Reclaims Support

Bitcoin is trading at $110,991, holding steady above the $110,000 support level. Despite maintaining this threshold, the crypto king remains capped under the $112,500 resistance. The lack of upward movement indicates continued market hesitation, leaving BTC without a clear breakout signal.

The Relative Strength Index remains below the neutral 50.0 mark, suggesting bearish conditions continue to weigh on Bitcoin. This technical setup points toward weak momentum, potentially delaying recovery attempts. As long as RSI fails to cross into bullish territory, BTC may remain constrained below the $112,500 resistance level.

Bitcoin Price Analysis. Source: TradingView

If broader market conditions strengthen, Bitcoin could overcome the bearish pressure. A breakout above $112,500 and flipping it into support would confirm renewed momentum. This move could allow BTC to climb toward $115,000, invalidating the prevailing bearish thesis.

Ondo Jumps 9%

ONDO is leading the altcoin market, recording a 9.4% increase in the past 24 hours. At the time of writing, the token trades at $0.962. The recent surge allowed ONDO to reclaim $0.945 as support, strengthening its short-term structure and signaling renewed investor confidence in its recovery.

Holding $0.945 is essential for ONDO to maintain upward momentum. The altcoin’s next target is $1.009, a critical psychological level that often influences market behavior. Breaking this threshold could encourage additional capital inflows, further fueling ONDO’s recovery.

ONDO Price Analysis. Source: TradingView

If selling pressure emerges from short-term holders, ONDO may struggle to maintain its position. A failure to defend $0.945 could send the token back toward $0.900 or even lower. Such a decline would erase recent gains, undermining the bullish outlook that has supported ONDO’s current market trajectory.