Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) noted considerable growth over the last 24 hours, with the latter reclaiming $100,000 as support. Akin to BTC, altcoins also enjoyed bullishness, with SUI topping the best-performing assets list, rising by nearly 30%.

In the news today:-

Tether minted $1 billion worth of USDT tokens, continuing its dominance in the stablecoin market amid record profits in Q3 2024. However, Binance and Circle’s new partnership could create a major rival to Tether’s market share.

ETF analysts Eric Balchunas and James Seyffart predict that MicroStrategy may soon enter the Nasdaq 100, potentially replacing Moderna. Driven by its Bitcoin purchases, MicroStrategy’s stock has surged, but NASDAQ approval is still required for inclusion.

The Crypto Market Notes Sharp Gains

The crypto market surged by $201 billion over the last 24 hours, pushing TOTAL to a value of $3.56 trillion. This increase reflects a renewed interest in digital assets bolstered by positive market sentiment. 

The sharp volatility seen across crypto assets is driven by a clash between profit-taking and strong demand. Additionally, macro-bullish cues contribute to fluctuating price action. 

If the bullish momentum persists, TOTAL could push beyond the key resistance level of $3.64 trillion. A successful breach would signal continued upward movement.

However, failure to break this resistance could lead to a pullback, with the market potentially revisiting the $3.28 trillion support level. These fluctuations will depend on broader investor sentiment and macroeconomic trends.

Bitcoin Reclaims Critical Support

Bitcoin’s price has surged back above the $100,000 level, currently standing at $101,008. This marks a significant recovery, bringing it closer to its all-time high of $104,087. With Bitcoin showing strong momentum, traders are eyeing the potential for new record highs in the near future.

If Bitcoin manages to breach its all-time high of $104,087, the next logical step will be for the price to test the $100,000 level as support. Successfully holding this level would solidify Bitcoin’s bullish momentum, suggesting that the crypto king could continue to climb in the coming weeks.

However, if Bitcoin fails to maintain $100,000 as support, the price could fall back to the $95,668 range. A drop below this key level may lead to consolidation as market participants reassess the broader trend. 

SUI Forms a New All-Time High

SUI price hit a new all-time high (ATH) today, reaching $4.91 during the intra-day high. This marks a 28.5% increase in the last 24 hours, fueled by strong investor interest. The altcoin’s breakout could signal continued upward momentum if the trend holds in the coming days.

SUI currently has two key support levels beneath it at $4.37 and $3.94. These levels may act as buffers, providing the necessary stability for the altcoin to bounce back. If SUI can hold these supports, it is well-positioned to continue its bullish trajectory in the near future.

However, losing these support levels would likely lead to a price drop to $3.20. Such a dip would invalidate the current bullish outlook and could trigger broader market corrections. If SUI fails to reclaim its momentum, traders might look for other altcoins with stronger prospects.