Why Is the Crypto Market Up Today?

Crypto markets jumped today as U.S. equities dipped and the dollar hit a three‑year low following President Trump’s Fed remarks. With token‑sniping bots unveiled by Pine Analytics and Coinbase adding RSR, the total market cap surged by $62 billion—Bitcoin rose 3.6% and Fartcoin led gains at +13%.

The total crypto market cap (TOTAL) and Bitcoin (BTC) have seen positive movement today, as broader financial cues improved. While the U.S. stock market tumbled and the U.S. Dollar hit a 3-year low after President Trump hinted at potentially replacing Federal Reserve Chair Jerome Powell, crypto markets thrived. Fartcoin (FARTCOIN) emerged as the top performer, with a 13% rise.

Key News:

• A Pine Analytics report revealed that token deployers on Pump.fun funded sniper wallets to buy their own meme coins, impacting over 15,000 launches. These wallets, active during U.S. trading hours, used profitable strategies that adapted to countermeasures, making bot activity hard to detect.

• Coinbase has listed Reserve Rights (RSR), a stablecoin platform with a collateral-backed ecosystem. Binance traders have increased long positions on RSR, with speculation that SEC Chair Paul Atkins' past advisory role with the project may boost its performance.

Crypto Market Growth

The total crypto market cap has risen by $62 billion in the last 24 hours, reaching $2.71 trillion. This increase brings TOTAL closer to breaking the $2.74 trillion resistance level, indicating positive momentum despite broader financial market challenges.

With the U.S. stock market and Dollar facing bearish conditions, the crypto market continues to gain ground. If this trend continues, TOTAL could breach the $2.85 trillion resistance, paving the way for further growth and boosting investor confidence.

However, if TOTAL fails to break the $2.74 trillion resistance, the market may experience a pullback, potentially bringing the total market cap down to $2.67 trillion or lower.

Bitcoin's Positive Momentum

Chart by TradingView

Bitcoin is performing well, trading at $88,348 after a 3.59% rise in the last 24 hours. Bitcoin aims to secure $85,000 as support, which is crucial to sustaining its momentum and avoiding a short-term downturn.

If it holds above this level, Bitcoin could push above the $90,000 resistance. However, if the momentum falters, it may revisit the $85,000 support, with a failure to hold potentially pushing the price to $80,500.

Fartcoin’s Surge

Fartcoin has seen a 12% price increase in the last 24 hours, reaching $1.00, marking a 3-month high. If Fartcoin can hold the $1.00 level as support, it could drive the price to $1.20, signaling a continued bullish trend.

However, if the price drops below $1.00, it could fall to $0.80, reversing the recent gains and delaying further recovery.