Why Is the Crypto Market Up Today?


The total crypto market cap (TOTAL) and Bitcoin (BTC) are waiting on bullish cues from the macro-financial markets to initiate recovery. While this has barely moved the assets, other altcoins like Avalanche (AVAX) are noting no drastic change in price today, either.

In the news today:-

Stablecoin trading volume hit a seven-month low. According to a report by CCData, it fell by 18% to $97 billion.

Goldman Sachs is set to launch three tokenization projects in 2024. According to Mathew McDermott, the global head of digital assets, the projects will focus on the US markets.

The Total Market Cap Sees No Change

The total crypto market cap, hovering around $2.09 trillion, barely moved over the last 24 hours. As crypto assets observed a slowdown, the market barely moved, resulting in TOTAL noting no discernible growth.

TOTAL continues to find resistance at $2.11 trillion, but breaching this level is important as it would enable a rise to $2.20 trillion.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Total Crypto Market Cap Analysis. Source: TradingView

However, the potential for the breach to fail continues, as it could result in a drawdown to $2.00 trillion, affecting the investors considerably.

Bitcoin’s Price Is Painting Nothing

Over the last day, Bitcoin’s price followed in TOTAL’s footsteps as the crypto asset stood stuck at $57,960. BTC is noting a barrier at $58,800, which isn’t a psychological level but an important technical level.

Flipping it into support would mean a bounce to $60,000 and $61,000, pushing BTC back on track toward recovering its losses.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis. Source: TradingView

If Bitcoin’s price faces rejection at $58,800, BTC could end up slipping to $55,000. This would invalidate the bullishness, which is not strong enough to push recovery.

Avalanche In Consolidation

Avalanche’s price is testing the range of $27 and $24 as resistance and support without breaking either in days. Put simply, AVAX is consolidated and is looking for bullish cues that could help the altcoin escape these barriers.

A bullish scenario would be AVAX rising to $30 and beyond, where it could face the resistance of $31. This level has been tested as support multiple times in the past, strengthening it as a crucial support floor, and a flip of the same would mean profits for AVAX investors.

Read More: Avalanche (AVAX) Price Prediction 2024/2025/2030

Avalanche Price Analysis. Source: TradingView

The bearish scenario, however, is a drop below $24, which would send Avalanche’s price to an eight-month low. AVAX could end up testing $22 and $20 as support.

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Markets, Crypto News