Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) grew on the back of the latter climbing up to $115,000. However, most of the altcoins did not have a similar fate with only a few noting gains like Zcash which rallied 15% in 24 hours.

In the news today:-

• Wisconsin lawmakers have proposed Assembly Bill 471 to exempt crypto mining, staking, and blockchain development from money transmitter license requirements. The bill aims to provide regulatory clarity for individuals and businesses engaging in digital asset activities.
• UK police seized $7.3 billion in Bitcoin from Chinese fraudster Zhimin Qian, marking the country’s largest-ever crypto confiscation. Qian defrauded 128,000 people and laundered funds in Britain before pleading guilty after a seven-year investigation.

The Crypto Market Rise Continues

The total crypto market cap added $52 billion in the last 24 hours, climbing to $3.87 trillion. This surge places TOTAL close to the $3.89 trillion resistance level.

Historically, Q4 has delivered bullish outcomes for digital assets, and this trend may continue. Market sentiment suggests TOTAL could advance toward $3.94 trillion if positive inflows persist. Strong institutional demand, coupled with retail participation, reinforces the probability of sustained growth in this quarter, creating a favorable outlook for investors.

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Total Crypto Market Cap Analysis. Source: TradingView

If momentum falters, TOTAL risks a pullback toward $3.81 trillion, or even lower in adverse conditions. External factors such as macroeconomic uncertainty or profit-taking could accelerate declines.

Bitcoin Nears A Crucial Threshold

Bitcoin is trading at $114,456, positioning the crypto king just below the critical resistance of $115,000. Current trading volumes suggest heightened activity, highlighting investor anticipation for Bitcoin’s next potential move in the short term.

A breach of $115,000 would likely push Bitcoin toward the $116,096 resistance and possibly beyond. If institutional inflows remain strong, this would provide additional confidence that Bitcoin could continue its upward trend.

Bitcoin Price Analysis. Source: TradingView

If Bitcoin fails to break $115,000, the price risks slipping to $112,500. Breaking below that level could trigger further declines toward $110,000. 

Zcash Hits 9-Month High

Zcash (ZEC) stood out as the day’s best performer, gaining 15% in the last 24 hours to reach $70. The privacy-focused altcoin is attracting renewed interest from traders. 

ZEC has now climbed to a seven-month high and is testing resistance near $73. If buyers sustain momentum, the altcoin could break above this level and target $80.

ZEC Price Analysis. Source: TradingView

However, investors’ profit-taking could shift momentum quickly. If selling pressure emerges, ZEC risks falling back to $61 or even lower levels. This would erase recent gains and challenge investor confidence in the token’s recovery.