Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) continue to remain stable, safe from market volatility, hovering under their respective key resistances. Meanwhile, Bitensor (TAO) managed to post an 11% rise in the last 24 hours to emerge as the best performer today.

In the news today:-

• Binance maintained its dominance in the CEX market with a 36.5% market share in Q1 2025 despite increasing competition from MEXC and Bitget. The exchange’s trading volume reached $8.39 trillion, although its market share dropped by 1% due to market volatility and regulatory challenges.
• The European Central Bank’s 25 basis point interest rate cut has had little impact on the crypto market, signaling Europe’s declining influence. Meanwhile, the crypto community remains focused on potential rate cuts in the US, with recent false tariff rumors causing a temporary market surge.

The Crypto Market Is Holding On

The total crypto market cap has increased by $24 billion in the last 24 hours, reaching $2.63 trillion. The market cap has been fluctuating between $2.67 trillion and $2.61 trillion, indicating a period of consolidation.

The market cap is expected to remain rangebound until more substantial market cues push it higher. If TOTAL successfully flips $2.67 trillion into support, it could pave the way for a rise toward $2.74 trillion.

TOTAL Price Analysis. Source: TradingView

However, if the support at $2.61 trillion breaks, the crypto market cap could decline to $2.50 trillion. This drop would make any recovery challenging, increasing the risk of extended losses.

Bitcoin Is Looking To Breach $85,000

Bitcoin’s price has seen an uptick over the past 24 hours, trading at $84,802. The cryptocurrency remains stuck under the key $85,000 resistance level, which is critical for further upside momentum.

The $85,000 level is not only a technical resistance but also a psychological support. If Bitcoin can successfully turn it into support, it would likely attract more investments. This could push BTC towards the next resistance point at $86,822, signaling a potential recovery in the short term.

BTC Price Analysis. Source: TradingView

However, Bitcoin’s short-term outlook remains vulnerable to investor skepticism or selling pressure. If BTC fails to maintain its support levels, particularly around $82,503, it could break below $80,000. Such a move would invalidate the bullish outlook and may trigger further losses.

Bittensor Faces Multi-Week Barrier

TAO is leading the altcoin market with a notable 11% gain over the past 24 hours, trading at $256. The altcoin is currently facing resistance at $260, but it appears to be on track for a potential breakout. A successful breach of this level could fuel further upward momentum.

Successfully flipping $260 into support and rising toward $298 is crucial for TAO. This move would break through multi-week resistance and potentially lead to a new bullish phase for the altcoin. If this happens, it could boost investor confidence and accelerate price recovery.

TAO Price Analysis. Source: TradingView

If TAO fails to breach $260, it could remain rangebound between $260 and $230. Such continued consolidation would likely delay recovery and diminish investor confidence. This stagnation could keep the altcoin stuck in a prolonged corrective phase.