Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) is holding above $3.31 trillion and Bitcoin (BTC) continues to remain above $108,000 at the moment. Cronos (CRO) took the lead amongst altcoins rising by 18%.

In the news today:-

• Coinbase is listing four tokens—Subsquid (SQD), Celestia (TIA), Bittensor (TAO), and XYO—on New York markets to comply with the BitLicense requirement. This marks Coinbase’s third regional SQD listing in the last month, reflecting its diversified approach as the exchange’s stock continues to rise.
• Tether has consolidated 80 tons of gold worth around $8 billion in a Swiss vault, signaling significant growth. However, this stockpile represents less than 5% of its USDT reserves, and the company has yet to undergo an audit, raising questions about its internal operations.

The Crypto Market Is Pushing Upwards

The crypto market has recently seen an increase of $22 billion in market capitalization. This surge occurred ahead of US President Donald Trump’s announcement regarding trade deals with seven countries.

As the total market cap sits at $3.32 trillion, the next support level for TOTAL is $3.31 trillion. If Trump’s trade deals receive a favorable reception, this could help push the market towards a higher target of $3.43 trillion. Positive news surrounding global trade has the potential to ignite a bullish trend across cryptocurrencies.

Total Crypto Market Cap Analysis. Source: TradingView

However, if the trade deal announcements are met with a negative reaction, it could have a detrimental impact. A drop below $3.31 trillion would likely push the total market cap further down, potentially reaching $3.26 trillion or even $3.21 trillion.

Bitcoin Is Moving Sideways

Bitcoin’s price currently sits at $108,618, just under the critical resistance level of $109,476. Over the past week, Bitcoin has consolidated between $108,000 and $110,000.

The Relative Strength Index (RSI) indicates that Bitcoin’s bullish momentum remains intact, although it is not strengthening significantly. If positive market cues push Bitcoin above $110,000, it could target its all-time high (ATH) of $111,980.

Bitcoin Price Analysis. Source: TradingView

However, if the broader market sentiment turns bearish, Bitcoin may drop below the $108,000 level. A fall through this level would likely test the support at $105,585. This would invalidate the current bullish outlook and signal potential weakness in the short term.

Cronos Recovers Month-Long Losses

CRO is currently up by 18% over the past 24 hours, trading at $0.0953. This significant price increase follows the news that Trump’s Truth Social filed for an ETF that includes CRO among five crypto tokens. The announcement has sparked renewed investor interest in the altcoin.

The price jump has allowed CRO to recover from its month-long losses, setting its sights on a potential rise toward $0.1007. For this to occur, CRO must maintain strong support at $0.0943. Securing this level will likely fuel further bullish momentum and bring CRO closer to its target price.

CRO Price Analysis. Source: TradingView

However, if CRO loses support at $0.0943, the price may dip to $0.0880. This would invalidate the current bullish outlook and could erase the recent gains. Market sentiment and price action will play a crucial role in determining the direction of CRO’s future movement.