Why is the Crypto Market Up Today?

TThe total crypto maket cap increased by $170 billion to stand at a 6-month high at the moment. Bitcoin’s rally continues with a new ATH at $116,868 formed in the last 24 hours, Pudgy Penguins (PENGU) led the altcoins with a near 40% rally today.

In the news today:-

• Jonathan Gould, a former BitFury executive, has been confirmed as the next Chair of the OCC, potentially making national banking policy more crypto-friendly. While his appointment may open new opportunities, it could also centralize authority over crypto, a move that might have unintended consequences.
• Elon Musk’s Grok AI sparked controversy with a series of Nazi posts, driving millions in meme coin trades. BYTE, a meme coin created by Grok, saw a 20% surge before crashing, raising concerns about the ethics of the meme coin sector and the AI industry’s influence.

The Crypto Market Grows

The total crypto market cap surged by $170 billion in the last 24 hours, reaching $3.59 trillion. This marks a 6-month high for TOTAL, as it aims to breach the $3.64 trillion resistance. If this level is successfully surpassed, it could signal continued growth in the crypto market.

Flipping the $3.64 trillion resistance into support is vital for maintaining the recent gains. Securing this level would provide stability, driving the market cap toward $3.73 trillion. This could attract more investor interest and fuel bullish momentum in the cryptocurrency sector.

Total Crypto Market Cap Analysis. Source: TradingView

However, if the crypto market faces selling pressure in the coming days, the market could experience a decline. A drop below the support level of $3.49 trillion could signal weakening sentiment, which may lead to losses in the value of crypto tokens.

Bitcoin Forms New All-Time High

Bitcoin’s price has increased by 4.7% in the last 24 hours, trading at $116,510. During the intra-day high, BTC reached a new all-time high (ATH) of $116,868. This surge highlights Bitcoin’s continued growth, supported by broader market factors. 

Support from Trump’s trade deals is being well-received by both the stock and crypto markets. This positive sentiment could drive Bitcoin to new heights. If market conditions remain stable, Bitcoin may target the $120,000 mark.

Bitcoin Price Analysis. Source: TradingView

If Bitcoin investors decide to take profits, it could trigger a decline in the price. A drop below the $115,000 support level may push Bitcoin toward $110,000. This potential pullback could signal a shift in market sentiment.

Pudgy Penguins Soars

PENGU has surged nearly 40% in the last 24 hours, currently trading at $0.0214, just below the key resistance level of $0.0225. As the leading altcoin in terms of growth today, PENGU is capturing investor attention, signaling a strong momentum that could push the price to higher levels in the near future.

PENGU has reached a five-and-a-half-month high, and its next goal is to secure $0.0225 as support. If the meme coin successfully holds above this level, it could pave the way for further upward movement, with the next target being $0.0250. Support at $0.0225 is crucial for sustaining momentum.

PENGU Price Analysis. Source: TradingView

However, if PENGU holders decide to sell and lock in their profits, the price could decline. A fall below the $0.0180 support level would likely trigger a drop to $0.0145, potentially invalidating the current bullish outlook. This correction would suggest weakening market sentiment and could hinder further price gains.