Why Is The Crypto Market Up Today?

05/29/2024 18:45
Why Is The Crypto Market Up Today?

The market cap and Bitcoin started strong but turned bearish later, while one altcoin surprised the market.

The total crypto market cap (TOTAL) ran well during the intra-day highs but fell soon after. The same was true with Bitcoin (BTC), which is below key support. But dogwifhat (WIF) capitalized on the earlier sentiment, noting a massive leap in the last 24 hours.

In the news today:-

The Total Market Cap Did Not Surprise 

The total market cap is hanging around the $2.5 trillion mark after failing to cement it as a support floor for nearly a week now. The start of the day was seemingly bullish, with TOTAL nearly reaching above the support floor. However, this did not stick.

Read More: 9 Best Altcoin Exchanges In 2024

Crypto Market Cap Analysis.
Crypto Market Cap Analysis. Source: TradingView

Talking about the current market sentiment, Michaël van de Poppe, the Co-Founder & CIO of MN Trading Consultancy, exclusively told BeInCrypto,

“The current market sentiment surrounding Bitcoin is comparable to the calm before the storm. It’s consolidating between $60-73K since early March, building up stamina for a big breakout. The fact that many institutions are investing into the Spot Bitcoin ETF, while governments are eagerly discussing potential opportunities of adoption of Bitcoin (Argentina recently decided to investigate a solution with Bitcoin for their economy),” van de Poppe stated.

He went on to say that:

“It’s driving the adoption of Bitcoin further, through which the main factors for Bitcoin price action is based on the macroeconomic playing field with a weakening US Dollar, while China and other countries are accumulating more Gold… Crypto-intrinsic market movements are solely dedicated to XRP and Ethereum. If XRP wins the lawsuit (which is on the horizon)… if Ethereum is going to be listed on the exchanges after approval of the S-1 files, it suggests that there’s a strong continuation going to be happening on everything,” van de Poppe concluded.

Bitcoin Price Remains Steady

Although Bitcoin’s price did slip below the support of $68,500, it still exhibits bullish signs. Investors have been focused on accumulating, which will drive BTC to reach $70,000 again this quarter.

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

Cardano Price Analysis.
Cardano Price Analysis. Source: TradingView

However, should the delayed uptick trigger investor uncertainty, selling could be on the cards. As a result, the Bitcoin price could drop to $66,000.

Dogwifhat Steals the Altcoin Show

WIF price was an unexpected leader among the many crypto assets that could be observed to rise. The meme coin marked a 20% rise in the last 24 hours when the altcoin breached the resistance of $4 during the intra-day high.

Read More: Dogwifhat (WIF) Price Prediction 2024/2025/2030

WIF Price Analysis.
WIF Price Analysis. Source: TradingView

The meme coin seems on track to breach the resistance marked at $4.2. If flipped into support, this level could enable the WIF price to chart a new ATH beyond $4.8.



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 ConditionsPrivacy Policy, and Disclaimers have been updated.

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