Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are gradually recovering the recent losses, making their way to key resistance levels. Following this cue is SPX6900, which, instead of reaching a key barrier, is busy forming a new all-time high, emerging as the best performer of the day.

In the news today:-

Ethereum co-founder Vitalik Buterin suggests a temporary “pause” on global computing power to mitigate risks from potentially harmful AI superintelligence. He advocates slowing AI development to allow humanity time to prepare, noting superintelligent AI could emerge within five years.

Coinbase plans to offer tokenized shares of its COIN stock via its Ethereum Layer-2 network, Base, aiming to merge stocks with blockchain. The initiative is in its early stages, with regulatory compliance being the main challenge.

The Total Crypto Market Cap Is Nearing Resistance

The total crypto market cap experienced modest growth over the last 24 hours, rising by $18 billion to reach $3.44 trillion. This increase reflects renewed market optimism, suggesting gradual recovery after recent market stagnation.

TOTAL is nearing the crucial $3.49 trillion resistance, a significant barrier to further growth. Successfully flipping this level into support could enable the market cap to recover losses incurred during December 2024, reinforcing investor confidence and bullish sentiment.

However, failure to breach $3.49 trillion could result in continued consolidation below this resistance level. This scenario might lead to a decline toward $3.28 trillion, delaying recovery efforts and dampening market enthusiasm.

Bitcoin’s Price Is Close to $100,000

Bitcoin’s price is currently at $99,045, edging closer to the critical $100,000 barrier. This level serves as a key threshold, holding BTC back from its next target of $105,000 and signaling renewed bullish potential.

If Bitcoin flips $100,000 into a support floor, it could reignite the bullish momentum that waned in recent weeks. This move would likely drive BTC toward $105,000 or even higher, reinforcing investor confidence and sustaining market optimism.

However, failing to breach $100,000 could push BTC down to $95,668. Such a decline would invalidate the bullish outlook, delaying recovery and raising concerns about further setbacks in price momentum.

SPX6900 Forms a New All-Time High

SPX6900 emerged as the best-performing asset of the day, climbing nearly 13% in the past 24 hours. This impressive rally led the meme coin to a new all-time high (ATH) of $1.56, solidifying its position as a standout performer in the crypto market.

If SPX6900 sustains its upward momentum, the altcoin could achieve new highs in the coming days. However, this depends on its ability to secure $1.23 as a support floor, which would provide the stability needed for continued growth and reinforce investor confidence.

Failure to hold $1.23 as support due to market volatility could see SPX6900 drop to $0.91. Such a decline would invalidate the bullish outlook, erasing recent gains and highlighting the importance of maintaining key support levels for sustained growth.