Why is the cryptocurrency market high today?

The total cryptocurrency market capitalization (TOTAL) is reeling from the recent rise seen by all cryptocurrencies, bringing their total value to $2.5 trillion. Bitcoin (BTC) is seeing similar price action as it trades below $70,000. However, PEPE surprised its investors with a massive rally that led to a new all-time high.

In today's news: -

• The campaign became a presidential candidate Donald Trump The first in history to accept donations in the form of cryptocurrencies. This is in line with the campaign's statement to build a "crypto army."
  


• Uniswap Labs responded to the SEC's Wells notice and asked them to drop the enforcement actions. Uniswap Labs said the SEC will have to redefine which exchange will have jurisdiction over Uniswap, as it currently does not fall under the current definition.

The overall market cap of cryptocurrencies is strong

The total cryptocurrency market cap stands at $2.52 trillion, above the crucial support level of $2.52 trillion. Investor optimism has not yet faded, which is a good sign for the cryptocurrency market. A rebound from the $2.52 trillion support would allow a rise to $2.61 trillion, which has not been breached since mid-March.

However, the fear of profit-taking also looms, as investors could decide to sell their holdings to secure their gains. So, Total could take a big hit, and the loss of the $2.52 trillion support could bring it down to $2.4 trillion.

Bitcoin price continues to grow

Bitcoin's price rally has stalled over the past two days as the cryptocurrency asset failed to break through resistance at $71,800. The most likely reason is the slowdown BTC is experiencing after the recent rally.

However, if BTC rebounds from $68,500, it still has a chance to break the barrier.

The Relative Strength Index (RSI) shows that Bitcoin is still far from overbought. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and variability of price movements. Generally, values ​​above 70 indicate that the asset was purchased at an overbought amount.

Learn more: 7 Best Crypto Exchanges in the US to Trade Bitcoin (BTC)

Since this is not the case, BTC could continue to rise.

But if the $68,500 support is lost, it could fall to $64,800, erasing half of the gains seen over the past two days.

Pepe sets new all-time record

PEPE price impressed meme coin fans by hitting a new all-time high (ATH) yesterday. The meme coin reached new highs at $0.00001430 after noticing a 51% increase in 48 hours.

If the uptrend continues, this growth could continue and PEPE could indicate more new ATHs.

Read more: PEPE Price forecast 2024/2025/2030

However, if investors choose to take advantage of this rise, it would not be surprising to see PEPE fall to $0.00001144 or lower towards $0.00001007.