Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are still looking for stronger bullish cues to push them upwards. MANTRA (OM), on the other hand, is doing better than most investors expected, emerging as the best performer of the day with a 12% increase.

In the news today:

Hong Kong officials introduced a unified approach for AI regulation and proposed extending tax breaks on crypto assets, aiming to strengthen its position as Asia’s financial hub. Legislation is expected by year-end to solidify these initiatives.

Tether CEO Paolo Ardoino disclosed at Lugano’s PlanB event that Tether’s USDT reserves include around $100 billion in US treasuries, over 82,000 Bitcoin, and 48 tons of gold. The Bitcoin holdings alone are valued at approximately $5.5 billion.

The Crypto Market Is Trying Its Best

The total cryptocurrency market cap currently hovers around $2.25 trillion, with eyes on establishing $2.29 trillion as a solid support level to encourage further upward momentum. Achieving this milestone could signal increased market confidence and provide the foundation for additional rallies. 

For a sustained rally, it’s crucial for the crypto market first to secure $2.24 trillion as a support floor, a level that has so far eluded it. Broader market trends and bullish cues will play essential roles in determining if the market cap can stabilize at this point. 

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

However, if the $2.24 trillion support level is breached again, the total crypto market cap could slide toward $2.11 trillion, potentially triggering widespread losses across the sector. This would indicate a bearish shift, with heightened caution among investors and potential market instability.

Bitcoin’s Price Is Struggling Around $68,000

Bitcoin’s price currently trades around $67,863, with hopes of securing $68,248 as a stable support floor to pave the way for a rise to $70,000. Holding this level could confirm bullish momentum, encouraging additional buyers into the market. Achieving this support might boost Bitcoin’s price further, reinforcing its position as a market leader and setting the stage for continued price appreciation.

With Bitcoin slightly over 5% away from the $71,367 resistance level, strong macroeconomic indicators could propel the cryptocurrency toward this critical threshold. A breakout beyond this barrier would mark a significant milestone, potentially attracting substantial buying interest from investors. 

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

Should Bitcoin fail to establish itself above $68,248, it may oscillate around the critical support floor of $65,292. This level could act as a safety net, maintaining stability amid potential sell-offs.

However, a prolonged inability to secure higher support may trigger cautious sentiment among investors. This fluctuation near $65,292 could shape Bitcoin’s immediate price outlook and affect market sentiment.

MANTRA Inches Closer to ATH

OM’s price has surged by 12% in the last 24 hours, rebounding after nearly ten days of decline in mid-October. Currently trading at $1.42, this recovery highlights renewed interest in the altcoin, offering hope for a potential continued uptrend. With recent gains, OM is positioned to attract investors watching for sustained upward momentum, signaling a possible shift in sentiment.

Currently, OM holds above a critical support level at $1.33, placing it within striking distance—less than 16%—of its all-time high of $1.62. If the altcoin maintains its upward trend, it could reach or even surpass its ATH heading into November. This would reinforce OM’s bullish outlook, potentially drawing in additional investors seeking strong returns within the current market cycle.

Read More: What Is Blockchain and How Does it Work?

However, if selling pressure increases, OM risks falling back to the $1.33 support level. A loss of this crucial support could push the altcoin down to $1.18, effectively invalidating the bullish outlook. Such a decline would signal waning investor confidence, potentially triggering a cautious stance within the market and impacting OM’s short-term price trajectory.