| Quick Facts |
| Why is the Crypto Market Up Today? |
| Good News for Crypto Assets |
| Anticipation of US-UK Trade Deal |
| Technical Rebound |
| RSI Momentum |
| Key Takeaways |
| Disclaimer |
Quick Facts
- The total market capitalization has reached an all-time high of $3.06 trillion.
- The Federal Reserve’s decision to keep interest rates steady has boosted the appeal of cryptocurrencies.
- The anticipation of a US-UK trade deal is fueling market optimism.
- The market cap is approaching the resistance zone between $3.1 trillion and $3.25 trillion.
- The daily RSI has increased steadily from oversold conditions, indicating accelerating bullish momentum.
Why is the Crypto Market Up Today?
The cryptocurrency market is currently experiencing a significant surge, with the total market capitalization rising by approximately 2.5% in the last 24 hours to reach $3.06 trillion.
Good News for Crypto Assets
The Federal Reserve’s decision to keep interest rates steady has boosted the appeal of cryptocurrencies. The Fed’s chair, Jerome Powell, highlighted rising stagflation risks, which is a combination of slow economic growth and persistent inflation. This has led to a surge in investors seeking alternative stores of value, including cryptocurrencies.
Anticipation of US-UK Trade Deal
The anticipation of a US-UK trade deal has also contributed to the market’s upward movement. The deal is expected to be announced soon, and investors are optimistic about the potential benefits it could bring. The trade agreement could lead to the de-escalation of global trade tensions, boosting risk appetite across markets, including cryptocurrencies.
Technical Rebound
From a technical perspective, the total market capitalization has rebounded from a recent low of $2.4 trillion, reaching a high of $3.03 trillion. The market cap is now approaching the resistance zone between $3.1 trillion and $3.25 trillion, which could provide a challenge for the bulls. However, if the market can break above this resistance zone, it could signal the ability of the bulls to sustain the uptrend, with their eyes set on the all-time highs above $3.69 trillion.
RSI Momentum
The daily Relative Strength Index (RSI) has increased steadily from oversold conditions at 30 on April 7 to the current value of 68. This suggests that the bullish momentum is accelerating, providing further evidence that the market is poised for continued growth.
Key Takeaways
- The total market capitalization has reached an all-time high of $3.06 trillion.
- The Federal Reserve’s decision to keep interest rates steady has boosted the appeal of cryptocurrencies.
- The anticipation of a US-UK trade deal is fueling market optimism.
- The market cap is approaching the resistance zone between $3.1 trillion and $3.25 trillion.
- The daily RSI has increased steadily from oversold conditions, indicating accelerating bullish momentum.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
