Why Is the Crypto Market Up Today?

The cryptocurrency market has extended its rally for another day, with total market capitalization climbing by 4% in the past 24 hours. Leading coin Bitcoin (BTC) has contributed to the momentum, reaching a new all-time high earlier today. SPX6900 (SPX) leads the pack, emerging as the day’s top gainer. 

In the news today:-

• Binance has listed USD1, a US dollar-pegged stablecoin developed by World Liberty Financial (WLFI), a DeFi project backed by Donald Trump and his family. The listing sparked a double-digit surge in USD1’s trading volume.

• Worldcoin raised $135 million from a16z and Bain Capital Crypto through a direct purchase of WLD tokens, increasing the token’s circulating supply. The funds will support the company’s biometric data collection in the US, where it has launched eye-scanning centers in six cities and plans further expansion.

TOTAL Breaks Multi-Month Resistance Line

The cryptocurrency market has continued its upward trajectory, with total capitalization adding $120.49 billion in the past 24 hours. 

TOTAL currently stands at $3.43 trillion, holding just above the key resistance level of $3.42 trillion, a level it had not surpassed since February 1, until yesterday’s breakout.

This breakout signals a resurgence in bullish momentum, as trading activity picks up pace and optimism grows across the broader crypto market. TOTAL’s sustained push above the resistance level would strengthen investor confidence and increase the potential for further upside.

If this rally persists, TOTAL could extend its gains toward $3.46 trillion, its next major resistance level.

Total Crypto Market Cap Analysis. Source: TradingView

However, if broader market sentiment dampens, TOTAL could retest the newly formed support floor at $3.42 trillion. If it fails to hold, it could drop to $3.38 trillion.

BTC Tests New All-Time High

Leading coin Bitcoin (BTC) surged to an all-time high of $111,880 during today’s early trading session. Although it has since shed off some of these gains to trade at $110,863 at press time, buying activity remains underway in the spot markets.

This is reflected by BTC’s daily trading volume, which has rocketed 74% over the past day and currently totals $91 billion. When the asset’s price and trading volume spike simultaneously, it indicates strong market interest and confirms the strength of its price upward trend. 

If buying persists, the king coin could reclaim its all-time high of $111,880 and rally beyond it to record new price peaks.

Bitcoin Price Analysis. Source: TradingView

On the other hand, if profit-taking resumes, BTC could witness a correction toward $109,574. Should the bulls fail to defend this support level, the coin’s price could dip further to $107,283.

SPX6900 (SPX) Tops Gainers List With 14% Jump

SPX currently trades at $0.88, noting 14% price gains over the past 24 hours. On the daily chart, the token’s positive Balance of Power (BoP) confirms the strengthening buying pressure among market participants. This sits at 0.83.

The BOP indicator measures the strength of buyers against sellers by analyzing the relationship between an asset’s opening and closing prices within a given period. When its value is positive, buyers dominate the market. 

This confirms the bullish strength in the SPX market and hints at the continuation of its upward momentum. In this scenario, SPX could rally to $1.02. 

SPX Price Analysis. Source: TradingView

Conversely, the token could break below $0.84 and decline to $0.64 if the bears regain market control.