Why is the cryptocurrency market high today?

The total market capitalization of cryptocurrencies has increased significantly over the past 24 hours, while the price of Bitcoin is on the verge of breaking its all-time high. In the midst of this rally, Lido DAO surprised its investors by recording a 30% gain in 24 hours. This is likely due to the changing ETF landscape. Bitcoin And Ethereum.

In today's news: -

• exploited Gala Games Hackers created 5 billion GALA tokens worth $214 million. 592M GALA sold for $21.8M before being blacklisted.
  


• Ethereum beats Mastercard in terms of market capitalization, with the former reaching $437 billion compared to the latter's $427 billion.

Total Cryptocurrency Market Cap Hits Major Milestones

The total market capitalization crossed the $2.50 trillion mark yesterday after investors surged. The rally was driven by an increase in spot Bitcoin ETF inflows over the past week and the potential approval of spot Ethereum ETFs.

The last 24 hours saw over $237 million in inflows, with $9.4 million noted by Grayscale Bitcoin Trust (GBTC).

This pushed Total to a market capitalization of $2.53 trillion, marking a monthly high.

Learn more: 5 cryptocurrencies to watch in May

However, it is testing support at $2.52 trillion, below which a decline could result in a potential decline to $2.4 trillion.

Bitcoin price near all-time high

The price of Bitcoin is approaching, Which currently stands at $71,000, after crossing $73,650 and forming a new all-time high above this price. The crypto asset rose over 7% in one day from $66,000.

The crypto asset has been following the target pattern set by the flag pattern for the past three and a half months. If BTC manages to turn the $71,800 resistance into a support level, it could create a new all-time high before the end of the week.

But if the breakout fails, it could return to $68,500 to test it as a support floor, as has been the case several times in the past.

Lido DAO takes the lead

Along with Bitcoin and other leading crypto assets, the Lido DAO price increased and became the best performing asset of the day. In 24 hours, LDO increased by almost 30%, reaching a trading price of $2.28 from $1.7.

A close above support at $2.20 will allow LDO to attempt to escape the ongoing death cross. This will be confirmed once the 50-day exponential moving average (EMA) rises above the 200-day EMA.

Read more: Strategy for Earning Passive Income from ETH Using Lido

On the other hand, if the $2.20 support is broken, the altcoin could fall to $2.00 or $1.85. Therefore, the bullish thesis will be invalidated and recent gains will be lost.