Why Is The Crypto Market Up Today?

By admin On Май 22, 2024

The total market cap (TOTAL) is reeling from the recent rally observed by all cryptocurrencies, which brought their combined value to $2.5 trillion. Bitcoin (BTC) is observing a similar price action as it trades under $70,000. PEPE, however, surprised its investors with a massive rise that established another new all-time high.

In the news today:-

Presidential candidate Donald Trump’s campaign became the first in history to accept donations in the form of cryptocurrencies. This aligns with the campaign’s statement of building a “crypto army.”
Uniswap Labs responded to the Securities and Exchange Commission’s (SEC) Wells notice asking them to abandon an enforcement action. Uniswap Labs stated that the SEC would have to redefine what an exchange is to have jurisdiction over Uniswap, as it does not currently fall within the existing definition.

The Total Market Cap Is Holding Strong

The total market cap is $2.52 trillion, above the crucial support level of $2.52 trillion. The optimism among investors has not yet disappeared, which is a good sign for the crypto market. A bounce off the $2.52 trillion support would enable a rise to $2.61 trillion, which has not been breached since mid-March.

Total Market Cap Analysis. Source: TradingView

However, the fear of profit-taking is also looming, as investors could move to sell their holdings to secure their gains. Consequently, TOTAL could take a hit, and losing the support of $2.52 trillion could send it to $2.4 trillion.

Bitcoin’s price continues its growth.

Bitcoin’s price rise paused over the last two days as the crypto asset failed to breach the resistance at $71,800. The most likely reason is the cooldown that BTC is witnessing following the recent rally.

Nevertheless, if BTC bounces back up from $68,500, it still has a shot at breaking through the barrier.

The Relative Strength Index (RSI) shows that Bitcoin is still far from being overbought. The RSI is a momentum oscillator that measures the speed and change of price movements. Generally, values above 70 indicate that the asset has been overbought.

Bitcoin Price Analysis. Source: TradingView

Since that is not the case, BTC could continue rising.

But if the support of $68,500 is lost, it could trickle down to $64,800, wiping half of the gains noted in the last couple of days.

PEPE Hits New All-Time High

PEPE’s price impressed meme coin enthusiasts as it catapulted to a new all-time high (ATH) yesterday. The meme coin hit new highs of $0.00001430 after noting a 51% increase in 48 hours.

If the bullishness sustains, this growth could continue, and PEPE could mark further new ATHs.

PEPE Price Analysis. Source: TradingView

However, if investors opt to realize profits on this rally, it would not be surprising to see PEPE fall to $0.00001144 or lower towards $0.00001007.

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