Why Is the Crypto Market Up Today?

The total market cap (TOTAL) continued its sideways movement, albeit noting some growth today, as did Bitcoin (BTC)’s price. Notcoin (NOT), on the other hand, impressed the market with a massive rally over the weekend.

In the news today:-

• Ethereum (ETH) supply on centralized exchanges reached its lowest point in years, as $3 billion worth of ETH exited since ETF approval.
• Binance announced the delisting of three altcoins – (XEM), OMG Network (OMG), and Waves (WAVES). The latter two were a surprise, given they were among the well-performing assets in 2023.

The Total Market Cap Heals

Despite the weak bullishness in the crypto market, TOTAL has not seen considerable growth. Still stuck around the $2.50 trillion mark, the total market cap is only moving sideways.

The rise, which was consistent under May 21, took a pause following the Ethereum ETF approval and has been struggling since then. Nevertheless, TOTAL added $28 billion in value over the last 24 hours, beginning June on a positive note.

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Total Market Cap Analysis. Source: TradingView

However, the $2.50 trillion market must be secured as a support floor to sustain this optimism.

Bitcoin’s Price Notes a Slight Jump

Bitcoin’s price, trading at $68,679, broke through the resistance of $68,500 today. BTC has been hovering around this price level for over 12 days now, awaiting a bullish push.

To initiate a recovery of the recent losses, BTC would first need to breach the resistance of $70,000. This would enable the world’s biggest crypto asset to close above $71,800, bringing it closer to the all-time high of $73,650.

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Bitcoin Price Analysis. Source: TradingView

Should either of the breaches fail, Bitcoin’s price could slip to $66,000 or lower to $64,883.

Notcoin Is Not a Joke

The altcoin that became the highlight of the crypto market towards the end of May had a spectacular weekend. NOT’s price shot up by 94% in the last 48 hours, closing at $0.022. 

During the intra-day rise, the altcoin reached a high of $0.029, marking a 152% rise. While this was not sustained, the altcoin managed to register a new all-time high.

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Notcoin Price Analysis. Source: TradingView

The next target for this altcoin is now $0.030, which will require a 44% jump at the hands of Notcoin. However, if NOT holders opt to sell, this growth could be invalidated, and the altcoin could fall on the charts.