Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) have closed in green today as the broader cues improved. As US President Trump singalled potential termination of Federal Reserve Chair Jerome Powell, the stock market tumbled and US Dollar hit a 3-year low, crypto thrived. Fartcoin (FARTCOIN) in the midst of this chaos took over and emerged as the best performing altcoin with a 13% rise.

In the news today:-

• A report by Pine Analytics reveals that token deployers on Pump.fun funded sniper wallets to buy their own meme coins, affecting over 15,000 launches. These wallets, active during US trading hours, used profitable strategies and adapted easily to countermeasures, with bot activity making them hard to detect.
• Coinbase is listing Reserve Rights (RSR), a stablecoin platform with a collateral-backed ecosystem. Binance traders are increasing long positions on the altcoin, with speculators potentially betting on benefits from incoming SEC Chair Paul Atkins’ past advisory role with the project.

The Crypto Market Remains Green

The total crypto market cap has risen by $62 billion over the last 24 hours, reaching $2.71 trillion. This growth brings TOTAL closer to breaking the $2.74 trillion resistance level, reflecting positive momentum in the crypto market despite broader financial market challenges.

With the US Stock market and Dollar facing bearish conditions, the crypto market continues to experience gains. This favorable environment may push TOTAL to breach the $2.85 trillion resistance in the coming days, setting the stage for further growth and increased investor confidence.

TOTAL Price Analysis. Source: TradingView

However, if TOTAL fails to break the $2.74 trillion resistance, the crypto market could face a pullback. In this case, the total crypto market cap may decline to $2.67 trillion or even fall further to $2.61 trillion, delaying recovery.

Bitcoin Continues Its Incline

Bitcoin’s price is performing well today, trading at $88,241 after a 3.59% rise in the last 24 hours. The cryptocurrency is working to secure $86,822 as support, a crucial level to help sustain its momentum and prevent any short-term downturn in price.

Securing $86,822 as support would propel Bitcoin toward $89,800, marking a monthly high and bringing it closer to breaching the $90,000 barrier. This price movement would reaffirm bullish sentiment among investors and could drive further gains for the crypto king in the coming days.

BTC Price Analysis. Source: TradingView

On the other hand, if the momentum falters or investors begin selling, Bitcoin could slip back to $86,822. A failure to hold this level could invalidate the bullish outlook and potentially push the price lower to $85,204, causing a reversal in recent gains.

Fartcoin Takes The Top Spot

FARTCOIN price has risen by 12% in the last 24 hours, trading at $1.00, marking a 3-month high. This surge has helped the altcoin break the $1.00 barrier, signaling the potential for further gains if it can maintain momentum and sustain this newfound price level.

Securing $1.00 as support could drive FARTCOIN towards $1.20, supporting a potential recovery for investors. Holding above this level will be crucial to the meme coin’s continued ascent, providing the necessary foundation for further bullish movement and increased market confidence.

FARTCOIN Price Analysis. Source: TradingView

However, if FARTCOIN fails to hold $1.00 and drops below this level, it could fall to $0.80, erasing the recent gains. Such a drop would invalidate the current bullish outlook and delay any potential recovery for the altcoin’s price.