Why Is The Crypto Market Up Today?
The total crypto market cap (TOTAL) grew by $88 billion over the last 24 hours on the back of altcoins rallying. Bitcoin (BTC) also enjoyed gains while Sui (SUI) emerged as the best-performing token of the day, rising by nearly 15% over the past day.
In the news today:-
- Bitmine Immersion Technologies reported holding 4.14 million ETH worth about $13.2 billion, representing 3.43% of Ethereum’s total supply. Of that amount, 779,000 ETH is actively staked and generating yield.
- A Polymarket trader earned hundreds of thousands by correctly betting on Nicolás Maduro’s capture ahead of public reports, drawing scrutiny for the timing. Blockchain analysis suggested possible links to wallets tied to a US envoy, raising insider trading concerns without definitive proof.
The total crypto market cap added $88 billion over the past 24 hours, driven by gains across Bitcoin and major altcoins. TOTAL now stands near $3.18 trillion after decisively breaking above the $3.16 trillion level, reflecting broad-based momentum and improving investor confidence.
Market optimism followed Japan’s public endorsement of crypto as an inflation hedge. The finance minister’s comments, alongside declaring 2026 the “Digital Year,” boosted sentiment. These policy signals likely encouraged capital inflows, reinforcing the market’s upward trajectory during the latest trading session.
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TOTAL Price Analysis. Source: TradingView
Despite strength, risks remain. The $3.16 trillion level may act as near-term support, but profit-taking could emerge. Uncertain macro conditions may slow momentum. If TOTAL loses this support, a retracement toward $3.09 trillion would become likely, testing the durability of the current rally.
Bitcoin Continues Its ClimbBitcoin gained over 2.5% in the past 24 hours, trading near $93,875 at the time of writing. BTC has broken above the $93,471 resistance, marking its first close above this level in six weeks and signaling renewed bullish momentum.
Price action now approaches the $95,000 psychological threshold. A decisive break and confirmation of this level as support would strengthen market confidence. Such a move could enable Bitcoin to extend gains and pursue higher resistance zones.
Bitcoin Price Analysis. Source: TradingView
Short-term risks remain if traders lock in profits. Increased selling from recent buyers could pressure BTC back below $93,471. Under this scenario, Bitcoin may retrace toward the $91,511 support, pausing the current rally and testing buyer commitment.
Sui Nears $2SUI surged nearly 15% over the past 24 hours, emerging as the top-performing altcoin of the day. The token trades near $1.94 at the time of writing, marking its highest level in almost two months as buying interest accelerates.
SUI now faces resistance at $1.96, a level that has capped recent advances. A breakout would place the token within reach of $2.00. The Chaikin Money Flow confirms strengthening inflows, with the indicator moving firmly above the zero line.
SUI Price Analysis. Source: TradingView
Momentum risks remain if capital inflows weaken. A reversal could develop under renewed selling pressure. In that scenario, SUI may retreat toward the $1.75 support, which would invalidate the current bullish thesis and shift focus to downside protection.
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