Why Is the Crypto Market Up Today?

by CryptoExpert


The total crypto market cap (TOTAL) and Bitcoin (BTC) are noting recoveries, with the former adding over $50 billion in the last 24 hours. Altcoins are also enjoying this bullishness, particularly meme coins, with Mog Coin rising by over 16% in a day.

In the news today:

  • The U.S. government filed legal complaints to seize over $2.67 million in digital assets stolen by North Korea’s Lazarus Group, including $1.7 million in USDT from the 2022 Deribit hack. The move is part of efforts to recover funds from the $28 million stolen from the options exchange.
  • The UAE has introduced VAT amendments affecting crypto transactions, requiring businesses in the digital asset space to reassess their tax obligations. These changes take effect on November 15, 2024, providing clarity on VAT provisions.

The Crypto Market is Healing

The total crypto market cap has seen a $54 billion increase over the past day, reaching $2.16 trillion as macroeconomic conditions improve. This recovery signals a positive trend for the broader crypto market.

Currently, the total crypto market cap is hovering above the $2.11 trillion support level. A successful move to reclaim $2.24 trillion as a support level would enable further recovery, potentially erasing some of the losses seen recently.

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

Total Crypto Market Cap Analysis. Source: TradingView

However, if the market fails to breach the $2.24 trillion resistance, TOTAL could remain under this threshold for the foreseeable future, staying above $2.11 trillion as a key support.

Bitcoin Continues its Uptrend

Bitcoin’s price has seen a steady increase over the past 24 hours, currently trading at $63,551, staying comfortably above the support level of $61,868. This positive momentum reflects improving market sentiment.

If broader market conditions remain stable and Bitcoin continues to build on this bullish trend, a rise to $65,292 is possible. Breaching this critical level would open the door for further gains for Bitcoin, boosting its upward trajectory.

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

Bitcoin Price Analysis
Bitcoin Price Analysis. Source: TradingView

On the other hand, Bitcoin could fall back to the $61,868 support level if unexpected selling pressure occurs. Losing this key support would invalidate the bullish outlook, potentially dropping BTC to $60,000.

Mog Coin Brings a Surprise

Mog Coin has experienced a 16% rise in the last 24 hours, currently trading at $0.00000167 and staying above the key support level of $0.00000140. This upward movement reflects growing investor interest in the meme coin.

The next target for Mog Coin is to breach the resistance at $0.00000182, which would mark a two-month high. Successfully surpassing this level could push the price toward $0.00000200, further validating the bullish momentum.

Read More: 11 Top Solana Meme Coins to Watch in October 2024

MOG Price Analysis.
MOG Price Analysis. Source: TradingView

However, if MOG fails to break through $0.00000182, it is likely to continue consolidating between $0.00000140 and $0.00000182, which would invalidate the current bullish outlook.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



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