Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) seem to be doing better than they did in the last week, as the dollar crashed on Monday. Stacks (STX) is following suit, rising by 13% to become the best performing altcoin of the day.

In the news today:-

• The Solana network briefly surpassed Ethereum in total staked value, with $53.9 billion worth of SOL staked by 505,938 wallet holders. This outpaced Ethereum’s staked market cap on April 20, with 34.7 million ETH tokens staked, according to blockchain data.
• Ethereum co-founder Vitalik Buterin proposed replacing Ethereum’s current Virtual Machine (EVM) with RISC-V, an open-standard processor architecture, to improve efficiency and flexibility. This radical shift aims to address Ethereum’s growth bottlenecks by enhancing execution layers, availability sampling, block producer competition, and zero-knowledge proving.

The Crypto Market Gains

The total crypto market cap saw significant gains on Monday as the USD experienced a sharp decline.

TOTAL increased by $51 billion in the last 24 hours, now standing at $2.70 trillion. The altcoin market is on the verge of breaching the $2.74 trillion resistance. A successful break above this level could push TOTAL towards $2.85 trillion, sparking further bullish momentum in the broader market.

TOTAL Price Analysis. Source: TradingView

However, if the $2.74 trillion resistance holds, TOTAL may face a decline. A failure to breach this barrier could lead to a drop to $2.67 trillion. If this level is breached, the market could slide further to $2.61 trillion, invalidating the current bullish outlook.

Bitcoin Reclaims $85,000

Bitcoin’s price is nearing the $87,344 resistance, trading at $87,201 at the time of writing. The recent reclaiming of $85,000 as support has fueled optimism, with BTC looking poised to break through its multi-week resistance. A successful breach could signal further upside momentum for the cryptocurrency.

Breaching $87,344 could propel Bitcoin toward the $89,800 level. This breakout would bring the crypto king closer to breaking the significant $90,000 mark, which many investors view as a crucial milestone. The bullish trend is strengthening as BTC seeks to maintain upward momentum.

BTC Price Analysis. Source: TradingView

However, if Bitcoin fails to break through the $87,344 resistance and falls back to $82,619, the bullish outlook would be invalidated. A decline below this level would indicate potential further weakness, putting the recent gains in jeopardy.

Stacks Spikes 13%

STX price has gained 13% in the last 24 hours, trading at $0.696. This surge reflects the overall market’s bullish momentum. If the upward trend continues, the altcoin could secure additional gains, with the price rising higher if the current resistance is breached.

Currently trading below the $0.729 resistance, STX is aiming to break this level. A successful breach could push the price towards $0.874, marking a significant shift after six weeks of resistance. This would allow the altcoin to continue its upward trajectory and further strengthen its position in the market.

STX Price Analysis. Source: TradingView

However, if the $0.729 resistance remains intact, STX may face a price drop. A failure to breach this level could lead to a fall through the support of $0.659. This would invalidate the bullish outlook, reversing the current trend and increasing the risk of further losses.