Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) shot up above $2.3 trillion as the US Consumer Price Index (CPI) reading came in cooler than expectations. The headline CPI April came in at 3.4% year on year against the expectations of 3.6% from March’s 3.8%.

Along with this Bitcoin price too surged and so did the altcoins with Fantom leading the pack with a 24% rise.

In the news today:-

• Ripple joins hands with Cosmos’ Ethereum Virtual Machine (EVM) based protocol Evmos to build an XRP Ledger sidechain. This chain will be designed to be EVM-compatible.
• IOTA launched its “Testnet 2.0” which will enable the migration of the chain from Proof of Work (PoW) to Proof of Stake (PoS). The aim is to improve the scalability and efficiency of the network.

TOTAL Breaks Out

The total market cap broke out of the symmetrical triangle it was in for the past month on the back of softening inflation. This brought the total value of all crypto assets to $2.32 trillion, adding nearly $140 billion in the span of a single day.

If the support at $2.3 is secured, the crypto market cap could continue rising gradually.

Read More: Why do Hong Kong Spot Crypto ETFs Matter?

Total Market Cap Analysis. Source: TradingView

However, losing the same support could result in a fall back towards $2.25 trillion or lower.

Bitcoin Price Breaches $65,000

Bitcoin’s price too rallied along with the rest of the altcoins as the biggest crypto asset in the world crossed the $65,000 mark. BTC can be seen trading at $65,800 at the time of writing, after closing above $66,000 yesterday.

The flag pattern suggests a 45% uptick is on the cards but the practical outlook would be a breach of $68,500 in the coming days.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis. Source: TradingView

On the other hand, this rise might also trigger corrections at the hands of investors should they move to book profits.

Fantom Surprises the Market

Among all the top altcoins, Fantom’s price rise placed it at the top of the best-performing asset list. The altcoin increased by more than 24% to breach the $8 barrier at the moment. FTM has entered the resistance box between $0.80 and $0.88.

This range has been tested as support and resistance, making it a crucial area to breach above. Flipping it into support could trigger a major rally for the cryptocurrency.

Read More: Fantom (FTM) Price Prediction 2024/2025/2030

Fantom Price Analysis. Source: TradingView

However, the altcoin has failed a breach in the past. If the same occurs this time as well, Fantom’s price could drop back down to $7. Further drawdown will bring it to $6.3 support floor.