Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) had a good run over the last day as the market continues to build on positive macro financial cues. Bitcoin (BTC) is also leveraging this bullishness, nearly reclaiming $65,000. However, the meme coin enjoyed the most gains, with the PEPE price rising by 37% in a day.

In the news today:-

Spot Ethereum ETF to launch on July 23. In a recent comment, Bloomberg ETF analyst Eric Balchunas stated the SEC is in talks with the issuers again, targeting a launch next Tuesday.
Donald Trump announced Senator J.D. Vance as his Vice President for the upcoming elections. Vance is known for his crypto-positive stance, given his past statements against the SEC’s practices.

The Crypto Market Notes a Rise

The last few days have supported a recovery in the total crypto market cap. The recent attack on Donald Trump and increased ETF inflows have driven the total to $2.30 trillion.

Over the last 24 hours, more than $136 billion worth of inflows have been registered. This resulted in TOTALLY breaching the $2.29 trillion resistance, which could help in further recovery.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

If this support is lost again due to market cooldown or profit-taking, a drawdown to $2.20 trillion is possible again.

Bitcoin’s Price Recovers

Bitcoin’s price had a good run, with the crypto asset pushing past multiple resistance levels, rising from $60,800 to $65,000 during the intra-day highs. Nevertheless, BTC managed to secure $63,740 as a support floor, increasing the odds of potential recovery.

BTC is currently moving within an ascending broadening wedge, and a breakout could push Bitcoin’s price beyond the all-time high of $73,800. However, this would require a flip of $67,000 into support.

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

Failure to do so could keep the crypto asset stuck within this pattern, turning $70,000 into a key barrier.

PEPE Takes the Lead

While Bitcoin and altcoins all had a great 24 hours, meme coins made the most profits, with PEPE leading the brigade. In the past day, PEPE’s price shot up by almost 37%, resulting in the meme coin changing hands at $0.00001207.

If PEPE manages to sustain this rise, it could breach the resistance at $0.00001369 to continue the uptrend it has noted since mid-April.

Read More: What Are Meme Coins?

Failure to do so could result in consolidation within the aforementioned support and resistances, as they have been tested in the past.