Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are enjoying gains following US President Trump’s move forward with trade deals. Virtuals Protocol (VIRTUAL) took the top spot among altcoins as it shot up by 45%.

In the news today:-

• Coinbase’s Q1 2025 earnings report missed expectations, with revenue falling short by nearly $200 million and transaction revenue missing by $70 million. Despite these disappointments, user activity remained strong, with a 49% quarter-over-quarter increase in gross USDC balance, though earnings per share were much lower than anticipated.
• Ripple has settled with the SEC, agreeing to pay $50 million of a $125 million penalty, with the remaining $75 million returned. The settlement ends one of the crypto sector’s longest legal disputes, contingent on the court lifting the injunction against Ripple.

The Crypto Market Jumped Today

The total crypto market cap has risen by over $221 billion in the last 24 hours, reaching $3.17 trillion, marking a two-and-a-half-month high. This surge is driven by the bullish sentiment stemming from the US-UK trade deal, which could signal an end to trade wars and foster global economic stability.

If the crypto market maintains its bullish momentum, TOTAL could rise to $3.28 trillion. This is contingent on securing the $3.16 trillion level as a support floor. If this level holds, the market could see continued growth, bolstered by positive sentiment and favorable macroeconomic conditions.

Total Crypto Market Cap Analysis. Source: TradingView

However, if selling pressure intensifies and investors begin to exit the market, TOTAL could lose the $3.16 trillion support. In this scenario, the crypto market cap could drop to $3.09 trillion or even fall back to $3.00 trillion, signaling a reversal of the current upward trend.

Bitcoin Crosses $100,000

Bitcoin’s price has risen by 5.79% in the last 24 hours, pushing it above the crucial $100,000 resistance level. Trading at $102,645, this surge marks a significant milestone. The breakout suggests continued bullish sentiment, and investors are closely watching whether Bitcoin can maintain this momentum for further gains.

Bitcoin reached a 3-month high following its recent rally, peaking at $104,000 in the last 24 hours. The next target for Bitcoin is surpassing the $105,000 level, which would bring it closer to its all-time high of $109,588. Continued upward movement would solidify the bullish trend and attract more buyers.

Bitcoin Price Analysis. Source: TradingView

However, if Bitcoin fails to maintain its uptrend or encounters selling pressure from investors, it could drop below $100,000. A decline to $95,761 would put Bitcoin’s bullish outlook at risk, potentially leading to further losses and invalidating the current positive price forecast.

Virtuals Protocol Takes The Top Spot

VIRTUAL has emerged as the best-performing altcoin of the day, surging by 45% to reach $2.02. The altcoin is holding above $2.00, marking a three-month high. This rally indicates strong market interest, and if it can maintain its position, VIRTUAL could see further upside in the near future.

The next significant resistance for VIRTUAL is at $2.26. Successfully flipping this level into support is crucial for the altcoin to push beyond $2.99 and potentially reach the $3.00 mark. A breakout above $2.26 would confirm the continuation of the bullish trend and attract more investors.

VIRTUAL Price Analysis. Source: TradingView

However, if VIRTUAL fails to secure $2.00 in support, it could experience a decline. A fall below this level might bring the price down to $1.59 or even lower to $1.25. Such a drop would erase recent gains and invalidate the current bullish outlook, signaling potential weakness.

Source