Why Is the Crypto Market Up Today?
The total crypto market cap (TOTAL) and Bitcoin (BTC) noted recovery ahead of Friday’s US Jobs report. Among the altcoins, ORDI took the top spot, rising by 23% in the last 24 hours. The total number of jobs created in August is expected to be 42% higher than that in July, which is potentially instilling confidence in investors.
In the news today:
- The WazirX exchange suffered a $230 million hack on July 18, 2024. As identified by security firm PeckShield, the attackers transferred 2,600 ETH ($6.5 million) to the US-sanctioned Tornado Cash to launder the stolen funds.
- Russian authorities raided a “summer cottage village” in Priangarye, seizing 238 illegal mining rigs that caused damages worth over 68 million rubles ($758,000). The settlement was reportedly disguised as a gardening community.
As investor optimism increased, the total crypto market cap rose by $63 billion in the last 24 hours. TOTAL currently stands above the $2 trillion mark, reclaiming it as support.
Traditionally, a strong employment report would lead to a decline in the crypto market along with the macro-financial market. However, since Bitcoin has a weak correlation with US stock markets, the crypto market may not experience a significant downturn this week.
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Total Crypto Market Cap Analysis. Source: TradingView
Looking ahead, TOTAL will likely attempt to breach the resistance at $2.11 trillion. If this breach fails, consolidation above $2 trillion is the next likely outcome for TOTAL.
Bitcoin’s Price Notes Sideways MomentumBitcoin’s price slipped to $57,240 over the weekend but has recovered to $59,100 at the time of writing. Trading below $60,000, BTC is trying to rise above $61,718 to continue its growth.
BTC attempted this around mid-August, but the unsuccessful results led to another fall below $61,718. Going forward, the leading cryptocurrency might consolidate under this resistance and above $57,000.
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Bitcoin Price Analysis. Source: TradingView
The sideways movement could delay a breakout from the current range. However, a drop below $57,000 seems unlikely at present.
ORDI Impresses the MarketORDI’s price, bouncing off the $25 support, has been up 23% in the last 24 hours. Currently trading at $32, the altcoin’s strongest barrier has been $35, which has been rigorously tested as a support level in the past.
ORDI aims to breach this level and flip it into support, which would enable further recovery. While this is possible, there is a chance the altcoin might face some drawdown if investors decide to sell, potentially bringing ORDI back to $25.
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ORDI Price Analysis. Source: TradingViewOn the other hand, once $35 turns into a support level, the altcoin could rally further, invalidating the bearish thesis. ORDI would then have a chance of flipping $40 into support.
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