Markets
Why is the crypto market rising today?
The total crypto market cap (TOTAL) is closing in on the crucial $2.4 trillion resistance, while Bitcoin holds above $65,500. Although the market has calmed down after the recent rally, it still shows bullish signs. Making the most of this is Chain linkwhich has recorded an increase of 21% in recent days.
In the news today: –
- THE The US Senate overthrown THE Security and the Exchange Commission’s (SEC) controversial Staff Accounting Bulletin No. 121 (SAB 121) following a 60-38 vote reflecting bipartisan support against the SEC’s crypto policies.
- Solana meme coin Pump.fun drained of $2 million after an internal attack executed by disrupting token lists by manipulating bond curves.
Total market capitalization remains strong
Following the recent rally, the total market cap is cooling but remains above the recovered support of $2.3 trillion. However, the crypto market target remains at $2.4 trillion, a barrier that has not been breached in almost a month.
In the past, this level has proven to be crucial support, and a reversal of this level would allow TOTAL to rebound and see further growth.
Learn more: Top Crypto Bankruptcies: What You Need to Know
Analysis of total market capitalization. Source: Trading View
On the other hand, a drop to $2.3 trillion would bring TOTAL back to around the $2.2 trillion mark.
Bitcoin price shows resilience
Bitcoin price surged as high as $66,000 this week, in line with broader market indications. After a minor correction, BTC is currently trading at $65,500 and will likely continue to stay above the crucial psychological support of $65,000.
This will keep investors optimistic about potential growth in the coming trading sessions.
Learn more: Bitcoin Halving History: Everything You Need to Know
If the Bitcoin price witnesses any selling or profit-taking, the crypto asset could see a decline towards $63,000 and below.
Chainlink takes the lead
Chainlink price saw an uptick, making LINK the best performing asset over the past 24 hours. However, the altcoin rally has continued for the past few days. Capitalizing on broader bullish market signals, LINK has seen a 21% rise over the past three days, taking Chainlink to $15.
Currently, the altcoin is above the $15.6 resistance, trading at $15.7, moving closer to $16.
Learn more: Chainlink (LINK) Price Prediction 2024/2025/2030
If LINK holds above this support, it could see further gains, however, a move below the $15.6 support could result in a decline to $14.4. This would wipe out more than half of the growth seen over the past day.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.