Why Is the Crypto Market Up Today?

The cryptocurrency market has experienced a positive shift today, with the total market capitalization (TOTAL) increasing by 2% within the last 24 hours. Bitcoin (BTC) has seen a 3% surge within the same period. ONDO, the governance token for the Ondo DAO, has emerged as the leading performer, noting a 14% price uptick. 

In the news today:

• Mark Longo, owner of internet-famous Peanut the Squirrel, is suing Binance for allegedly using Peanut’s images and stories without his permission, claiming intellectual property infringement.
• Drake’s X account was recently hacked to promote a fake meme coin, highlighting the rise in scams targeting high-profile accounts on the platform.

TOTAL Clinches New All-Time High

The cryptocurrency market surged by over $94 billion over the past 24 hours, pushing TOTAL to a new all-time high of $3.69 trillion during Monday’s early Asian session. It has retraced slightly and is currently at $3.63 trillion. Today’s uptick reflects a renewed interest in digital assets as market sentiments shift. 

TOTAL’s positive Balance of Power (BoP) confirms this sentiment shift. As of this writing, the indicator’s value is at 0.11. The BOP indicator measures the strength of buyers versus sellers over a given period. A positive BOP value indicates that buyers are in control, reflecting bullish momentum and potential price increases. 

Total Crypto Market Cap Analysis. Source: TradingView

If the bullish momentum persists, TOTAL could push beyond the new resistance level of $3.69 trillion and make new highs. However, if it fails to break above this level, TOTAL could witness a pullback and potentially revisit the $3.17 trillion support level.

Bitcoin Climbs Above $105,000

Leading coin Bitcoin currently trades at $105,076, with a 3% increase over the past 24 hours. It briefly touched a new all-time high of $106,648 during Monday’s early Asian session before correcting downward. 

Despite this slight pullback, BTC’s rising Chaikin Money Flow (CMF) reflects the continued demand for the king coin among market participants. At press time, this sits at 0.20.

The CMF indicator measures the volume-weighted average of accumulation and distribution over a specific period, indicating the strength of buying or selling pressure. As with BTC, a positive CMF reading suggests that buying pressure is dominant, with prices closing near their highs and accompanied by strong volume. 

Bitcoin Price Analysis. Source: TradingView

This signals bullish momentum, hinting at potential price increases. If this trend is maintained, BTC will reclaim its all-time high and surge past it.

On the other hand, a resurgence in profit-taking activity may cause a price decline to $94,311, invalidating this bullish projection. 

ONDO Outperforms the Market

ONDO is the market’s top gainer, with a 15% rally in its value over the past 24 hours. The governance token also touched a new all-time high of $2.14 early Monday morning before experiencing a correction. As of this writing, the altcoin trades at $2.08.

If the demand for ONDO strengthens, it will break above the new resistance at its all-time high and continue its uptrend. 

ONDO Price Analysis. Source: TradingView

However, an uptick in selloffs will invalidate this bullish outlook. If ONDO holders begin to book gains, this will put downward pressure on its price, which may cause it to fall to $1.79.