Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) observed a considerable intra-day rise and dip. Bitcoin’s price leaned in on the bullish part of the whiplash, rising slightly and inching closer to the key price point of $68,500. ORDI had a similar outcome, with the altcoin charting a 14% rise to trade at $50.9.

In the news today:-

• According to a court entry, Terraform Labs and its co-founder Do Kwon have re ached a settlement. While the settlement is in principle, it has yet to be filed; the deadline is June 12.
• An ex-Deutsche Bank investment banker has been sentenced to 41 months in prison for crypto fraud. The US Department of Justice also ordered the ex-banker to pay $1.5 million in restitution.

The Total Market Cap Stabilizes

The total market cap of all cryptocurrencies had a rough 24 hours. The valuation of all crypto assets whiplashed, rising by nearly $54 billion during the intra-day high and falling by $34 billion during intra-day lows.

However, TOTAL closed positively at $2.47 trillion, close to the key $2.50 trillion.

If the market remains positive, a gradual increase would enable the total crypto market cap to reach the valuation of $2.50 trillion again soon.

Bitcoin’s Price Continues Rising

Bitcoin’s price, trading at $68,385, barely rose in the last 24 hours but is yet to breach the critical resistance and support level of $68,500. BTC has been struggling to secure this level as a support floor for some time now.

The macro outlook for Bitcoin’s price is still bullish, which keeps investors optimistic about a bullish outcome. This could also benefit the altcoins that are closely related to BTC.

ORDI Takes the Bullish Bait

Amid the whiplash in the past 24 hours, some altcoins leaned toward a bearish outcome while others took the bullish route. ORDI led the ones that chose the latter option, marking a 14% rise in the last 24 hours.

This sent the altcoin to $50.9, reaching a two-month high after rising from its last three-day low of $41.

Rising to $51 will enable the altcoin to initiate a recovery of the losses noted during the mid-April crash.