This morning, I came across some interesting news about Google’s updated site reputation abuse policies. Apparently, they’ve revised their main guidelines with some fresh updates.
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Why Is the Crypto Market Up Today?
The total crypto market cap (TOTAL) has recovered slightly as Bitcoin (BTC) helped the altcoins pull up as well. Ondo (ONDO) emerged as the leader of the crypto tokens, rising by 23% in the last 24 hours.
In the news today:-
- CFTC acting chair Caroline Pham revealed that the CFTC and SEC are in talks for further collaboration on digital asset regulation. Both agencies aim to enhance their joint efforts for the benefit of the public and the market.
- Bitwise has filed to create an Aptos ETF, leveraging the recent Delaware Trust application. Despite the SEC’s high volume of ETF applications, the filings have sparked bullish momentum for Aptos.
The Crypto Market Moves Up
The total crypto market cap surged by $127 billion over the last 24 hours, reaching $2.95 trillion. This brings it closer to the key resistance level of $3.00 trillion. The rise in market cap signals positive sentiment, depending on broader market cues.
The recent decline in volatility has helped cool the market, allowing for a period of consolidation. This reduced volatility provides the crypto market with room to grow. If TOTAL manages to break through the $3.00 trillion resistance and convert it into support, further upward movement toward $3.09 trillion is possible.
However, should the crypto market cap fail to breach the $3.00 trillion mark, it may struggle to gain traction. Falling through the support at $2.93 trillion could lead to a correction, erasing some of the recent gains.
Bitcoin Is Close To Claiming Key Support
Bitcoin is currently trading at $91,717, just under the key resistance level of $92,005. The altcoin is attempting to continue its uptrend, with the next major hurdle at $93,625. If it successfully breaches this level, Bitcoin could experience significant gains, attracting further investor interest in the short term.
The price of Bitcoin is poised for a potential rise, depending on investor behavior. If the selling pressure remains low after $92,005 is surpassed, Bitcoin could breach $93,625 and flip it into support. This would provide strong momentum, pushing the price further towards $95,761 and boosting market sentiment.
However, the bullish outlook could be invalidated if Bitcoin fails to maintain its momentum. A lack of buying pressure could lead to a decline below the support at $89,800, which could trigger a further drop to $87,041.
Ondo Jumps Massively
ONDO price has surged by 24% in the last 24 hours, trading at $1.19 after breaching the key resistance of $1.10. With strong buying pressure, the altcoin is now targeting the next major resistance level at $1.27, signaling a potential continuation of the upward momentum in the short term.
To continue its uptrend, ONDO will need strong inflows. If the altcoin successfully flips $1.27 into support, it could see further growth, reaching the $1.48 target. This upward momentum is contingent on sustained investor interest and the ability to maintain support levels for continued price action.
However, sharp selling could reverse the positive trend. If ONDO loses the support of $1.10, it could face a decline, testing lower support levels like $0.96. This potential drop would invalidate the bullish thesis, erasing recent gains and jeopardizing the altcoin’s recovery.
The post Why Is the Crypto Market Up Today? appeared first on BeInCrypto.