Why Is Crypto Market up Today?

Why Is Crypto Market up Today?
Source: Investinghaven

The total crypto market capitalization mounted a critical defense of former support near $1.6 trillion this week as buyer resolve showed signs of hardening. The broad recovery comes as Bitcoin, Ethereum, and emerging altcoins alike recoup lost ground.

After plummeting below its 2024 uptrend last week, total market cap found its footing above $1.52 trillion, a level that has buoyed prices several times since last June’s meltdown. The save stemmed further decline for now as the total market cap crossed back above $1.6 trillion toward the next resistance, according to CoinMarketCap data.

Bitcoin eyes $43,000 as crypto market recovers

Similarly, flagbearer Bitcoin held above its recent swing lows around $38,000 amid a chorus of analysts urging calm during periods of heightened volatility. The largest cryptocurrency has outpaced wider gains as well, flashing signs of relative strength that could support market-wide sentiment.

The improved breadth mirrors a reignited risk appetite in global markets following the recent pummeling. While headwinds remain, a crisis of confidence appears to have passed without catastrophe striking systemic crypto infrastructure.

Still, trusted analysts like Arthur Hayes advise expecting more pain, calling for an additional 30% Bitcoin drop even after a sturdy bounce off lows. And memories of capitulation are fresh enough to temper forecasts calling an end to the bear market.

But unless reclaimed support again fails in unison, forcing the total crypto market below $1 trillion, the worst-case scenarios look held at bay for now. For long term hodlers, that qualifies as an early crypto spring victory.

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