Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) jumped over the last 24 hours, with Bitcoin (BTC) crossing the $90,000 mark again. Following in BTC’s footsteps, altcoin Merlin Chain (MERL) also jumped starkly, marking a 143% rise.

In the news today:-

• Grayscale has filed with the SEC to convert its Zcash Trust into an ETF, aiming to list it on NYSE Arca under the ticker ZCSH. The firm noted it cannot support in-kind creation or redemption yet due to ongoing market uncertainty despite recent SEC approvals for similar products.
• The World Federation of Exchanges urged the SEC to end special exemptions for crypto platforms offering tokenized stocks. In a letter to the agency, the group warned that exemptive relief should not let crypto firms operate like national securities exchanges without meeting full regulatory requirements.

The Crypto Market Rises Up

The crypto market is entering a bullish recovery phase, lifting most major tokens. TOTAL surged by $86 billion in the past 24 hours, signaling renewed confidence and stronger inflows across the sector as investors react to improving macro conditions.

TOTAL now sits at $3.07 trillion after reclaiming the crucial $3.00 trillion level. Holding this threshold as support could drive momentum toward $3.09 trillion and potentially up to $3.16 trillion if buying pressure remains steady across leading assets.

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Total Crypto Market Cap Analysis. Source: TradingView

If investors shift to profit-taking, TOTAL could lose its footing. A drop below $3.05 trillion and then under $3.00 trillion would invalidate the bullish thesis. This would leave the market vulnerable to a pullback toward $2.93 trillion.

Bitcoin Breaches Key Barrier

Bitcoin made its first significant upward push in days, reclaiming a portion of its recent losses. The crypto king briefly crossed the $90,000 mark in the last 24 hours, signaling renewed buyer interest and improving market sentiment.

BTC now trades at $90,689 and is attempting to secure $89,800 as support. Holding this level is essential for Bitcoin to break above $91,521 and potentially target $95,000 as momentum strengthens across major assets.

Bitcoin Price Analysis. Source: TradingView

If market conditions deteriorate, Bitcoin could lose its footing. A drop below $89,800 may send BTC toward $86,822 or lower. This would invalidate the bullish thesis and signal a return of near-term bearish pressure.

Merlin Chain Takes The Spotlight

MERL has quickly climbed into the spotlight after surging 143% in the past 24 hours. The altcoin is now trading at $0.530, drawing substantial interest as traders look for strong momentum plays in a recovering crypto market.

If bullish conditions persist, MERL could continue its rapid ascent. A sustained push from buyers may send the price above the key $0.600 barrier, strengthening the altcoin’s breakout structure and attracting additional inflows.

MERL Price Analysis. Source: TradingView

If momentum fades or investors take profits, MERL could retrace. A drop below $0.504 may push the price toward $0.437, invalidating the bullish thesis and signaling the start of a corrective phase.