Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are both under their respective barriers. But among the altcoins, Tron (TRX) has managed to surpass other crypto assets in more ways than one.

In the news today:

• Tron’s market cap reached $13.8 billion after a 20% rise in the last 24 hours. The New York District Judge’s denial of the Securities and Exchange Commission’s (SEC) letter motion to strike the untimely argument or for leave to file a sur-reply contributed to the rise.
  
• Global financial service provider State Street has partnered with crypto service provider Taurus to help create and manage tokenized assets.

The Crypto Market Relaxes

The total crypto market cap nearly rose beyond $2.11 trillion after adding $53 billion during the intra-day rise, the current critical resistance level. However, this did not persist and TOTAL fell back down below this resistance. TOTAL has made three attempts to breach this level but has failed every time.

At the moment, TOTAL is at $2.05 trillion, holding above the key support level of $2.00 trillion. The possibility of a decline below this level is very low since the market is not exhibiting bearish cues at the moment. 

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

But if TOTAL does fall through, it could drop to $1.88 trillion. This level has been tested in the past, reinforcing its role as a support floor.

Bitcoin’s Price Is In a Bearish Rut

Bitcoin’s price has been struggling to close above the barrier of $60,000. This level has been holding back BTC’s recovery for over two weeks, delaying investors’ wait for profits.

If the crypto asset continues to remain sideways-bound, it could find itself fighting to stay above $57,000. At the time of writing, BTC is changing hands at $59,360. If investors become impatient, BTC could witness a surge in volatility.

Read more: Bitcoin Halving History: Everything You Need To Know

The Parabolic Support and Resistance (SAR) indicator is currently noting an uptrend, evident in the blue dots below the candlesticks. This is a good sign, and if Bitcoin’s price validates this indication, it could recover to $63,100.

Tron Beats Cardano

Tron’s price skyrocketed over the last 48 hours for various reasons, one of the biggest being its small win in the ongoing lawsuit from the US Securities and Exchange Commission (SEC). On August 19, a New York District Judge decided to hear Tron founder Justin Sun’s argument, rallying the altcoin.

In the following 48 hours, TRX shot up by nearly 20%, with a 12% rise coming in the last 24 hours, trading at $0.159 at the time of writing. The overall increase in its market capitalization also helped Tron enter the top ten crypto asset list. This led to the Justin Sun token surpassing Cardano, pushing ADA out of the prestigious top ten list.

Read More: TRON (TRX) Price Prediction 2024/2025/2030

Tron’s price is expected to settle around the $0.1527 support level, which has been tested in the past. Maintaining this support could help TRX continue its uptrend and prevent it from losing its recent gains.