Here's Why the Crypto Market is Up Today | Credit: Hameem Sarwar
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Key Takeaways
The Crypto Market Cap (TOTALCAP) has nearly reached a new all-time high.
The Altcoin Market Cap (ALTCAP) has completed wave four of a five-wave increase.
Bitcoin’s Dominance (BTCD) is finally showing signs of weakness after a strong bounce.
The crypto market is surging again, with TOTALCAP breaking past a key resistance and pushing toward a new all-time high.
Altcoins are showing one of their most bullish structures of the year, while Bitcoin’s dominance is finally beginning to falter.
Together, these signals indicate a bullish trend that could deliver one of this cycle’s strongest rallies.
Why Is the Crypto Market Up Today?
The TOTALCAP has surged by more than 10% since falling to a low of $3.66 trillion on Sept. 25.
The price began a parabolic upward movement after bouncing at the $3.70 trillion horizontal support area (green icon).
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Yesterday, TOTALCAP broke out from a diagonal resistance trend line (dashed) and has nearly reached a new all-time high today.
The increase that led to the breakout is a parabola, indicating that the upward movement is impulsive.
So, it is likely the start of a long-term rally that will lead to new highs. Even in a bearish scenario, the crypto market will return and validate the resistance as support before surging to new highs.
Momentum indicators confirm this bullish prediction. The Relative Strength Index (RSI) is above 50 while the Moving Average Convergence/Divergence (MACD) is positive.
If the increase continues, TOTALCAP will reach a new all-time high price of $4.5 trillion.
However, BTCD has failed to close above the 59% resistance area. On the contrary, it created a lower high and bearish candlestick yesterday.
If the Bitcoin Dominance breaks down from the support trend line, it will confirm that the bounce is over, resuming the long-term downward trend.
Final Thoughts
With TOTALCAP on the verge of new highs, altcoins setting up for a parabolic fifth wave, and Bitcoin dominance showing cracks, the crypto market appears primed for another explosive leg higher.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
