Why Is The Crypto Market Up Today?

The total crypto market cap observed rose massively over the last 24 hours, along with Bitcoin’s price inching closer to breaching the all-time high. Amid this rally, Lido DAO surprised its investors by registering 30% gains in 24 hours. This is likely due to the changing landscape of Bitcoin and Ethereum ETFs.

In the news today:-

• Gala Games exploited and hacker mints 5 billion GALA tokens worth $214 million. Proceeds to sell 592 million GALA worth $21.8 million before being blacklisted.
• Ethereum outperforms Mastercard regarding market capitalization, with the former reaching $437 billion compared to the latter’s $427 billion.

The Total Market Cap Crosses Significant Milestones

The total market cap crossed the $2.50 trillion mark yesterday following bullishness from investors. The rise was driven by the surge in spot Bitcoin ETF inflows over the past week and the potential approval of spot Ethereum ETFs. 

The past 24 hours recorded more than $237 million in inflows, including $9.4 million observed by Grayscale Bitcoin Trust (GBTC). 

US Spot Bitcoin ETF Flows. Source: Glassnode

This has propelled TOTAL to a $2.53 trillion market cap, marking a monthly high.

Read More: 10 Best Crypto Exchange Reviews for May 2024

Total Crypto Market Cap Analysis. Source: TradingView

However, it is testing the support at $2.52 trillion, and a drop below it could cause a potential decline to $2.4 trillion.

Bitcoin Price Is Close to an All-Time High

Bitcoin’s price, currently at $71,000, is close to breaching $73,650 and forming a new all-time high above this price. The crypto asset shot up by more than 7% in the span of a day, rising from $66,000.

The crypto asset has followed the target pattern established by the flag pattern for the past three and a half months. If BTC manages to flip the resistance at $71,800 into support, it could establish a new all-time high before the end of the week.

Read More: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bticoin Price Analysis. Source: TradingView

But if the breach fails, it could trickle back down to $68,500 to test it as a support floor, as it has been multiple times in the past.

Lido DAO Takes the Top Spot

Along with Bitcoin and other top crypto assets, Lido DAO’s price rallied and emerged as the best-performing asset of the day. Within 24 hours, LDO gained nearly 30%, bringing the trading price to $2.28 from $1.7.

Closing above the support at $2.20 will enable LDO to attempt an escape from the ongoing death cross. This would be confirmed once the 50-day Exponential Moving Average (EMA) crosses over the 200-day EMA.

Read More: How To Stake ETH With Lido

Lido DAO Price Analysis. Source: TradingView

On the other hand, if the support of $2.20 is broken, the altcoin could fall to $2.00 or $1.85. Consequently, the bullish thesis would be invalidated, and the recent gains would also be lost.