Why Is the Crypto Market Up Today?

The total market cap stabilizes above a key support level, while Bitcoin’s recent rise ignited optimism among investors. A new entry into the top 100 crypto assets list—Livepeer—emerged as the best-performing asset of the last 24 hours.

In the news today:-

• Terraform Labs and its founder, Do Kwon, agreed to settle with the SEC for $4.47 billion. This includes a discharge fee of $3.58 billion and a civil penalty of $420 million.
• Galaxy Digital CEO Michael Novogratz called meme coins the “cornerstone of the crypto economy.” He stated that Galaxy Digital estimates that memecoins on permissionless blockchains have an aggregate market cap of more than $60bn !!

The Total Market Cap Takes a Knee

The total crypto market cap holds strongly above the $2.39 trillion support level after failing to close above $2.50 trillion yesterday. While the market is expecting the combined value of all crypto assets to remain this way and improve, the direction may end up being different.

The Relative Strength Index (RSI) fell through the neutral line at 50.0 and is currently sitting in the bearish zone. This is a negative sign for the market as it signals a further drawdown in TOTAL.

Read More: How To Invest in Real-World Crypto Assets (RWA)?

Total Crypto Market Cap Analysis. Source: TradingView

However, holding above $2.39 is important in order to recover to $2.50 trillion again.

Bitcoin’s Price Loses Rally

Bitcoin’s price nearly hit $70,000 on Wednesday during the intra-day high but stopped right at $69,990. This disappointed many investors, and the crypto asset ended up falling back below $68,500.

Currently changing hands at $67,573, BTC stands vulnerable to a dip to $66,000 and lower. This decline could occur if the market moves to offset losses and sell its holdings.

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

Bitcoin Price Analysis. Source: TradingView

Conversely, resilience will be the catalyst that drives Bitcoin’s price back up above $68,500. Securing it is crucial to initiate a recovery rally.

Livepeer, the New Joiner

Livepeer, a decentralized live video streaming network protocol, made it into the top 100 crypto assets list on Wednesday. The altcoin rallied by a substantial 20% in the last 24 hours, bringing the trading price to $24.1.

The altcoin is currently in a rising wedge pattern, which suggests a bearish outcome is likely. If the pattern is validated, LPT could drop back down to $20.0 and slip further to reach $16.2.

Read More: How to Use DappRadar: A Complete Guide

Livepeer Price Analysis. Source: TradingView

But if the rally continues and Livepeer’s price crosses the $27.2 resistance level, the altcoin would have established a new 2024 high.