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Home»TRADING NEWS»Why is the cryptocurrency market rising today?
TRADING NEWS

Why is the cryptocurrency market rising today?

By Crypto FlexsSeptember 23, 20244 Mins Read
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Why is the cryptocurrency market rising today?
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The total cryptocurrency market cap (TOTAL) and Bitcoin (BTC) rose as general market sentiment became less fearful. TAO, the token that powers the DePin network Bittensor, led the altcoin market with double-digit gains over the past 24 hours.

Today’s news:

  • After legal issues faced by the original Samourai team, a group of developers started the Ashigaru open source project, a decentralized fork of the Samourai Wallet, to continue developing privacy tools without centralized restrictions.
  • At a fundraising event in New York, Vice President Kamala Harris pledged to support investments in AI and cryptocurrencies.

Liquidity continues to flow into the cryptocurrency markets.

There was a notable shift in sentiment across the crypto market following the Fed’s rate cut last Wednesday. The Fear and Greed Index shows sentiment moving from fear to neutral after the Fed cut rates by 50 basis points (the first rate cut since early 2020).

This change in sentiment has since been reflected in the steady rise in total cryptocurrency market capitalization, which has increased by $6.82 billion in the last 24 hours. TOTAL is now $2.18 billion.

The rise in TOTAL’s Chaikin Money Flow (CMF) over the past few weeks confirms the inflow of liquidity into the crypto markets. This indicator, which tracks inflows and outflows of funds into the asset class, has been trending upward since September 7.

Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season

Total Crypto Market Capitalization Analysis. Source: TradingView

A rising CMF indicates that token accumulation is underway, with buyers dominating, pushing the price higher. This is considered a bullish signal, especially if the CMF crosses the 0 line, indicating that the market is in a net accumulation phase. At the time of writing, TOTAL’s CMF is 0.27.

If this accumulation trend continues, TOTAL may attempt to break the long-term resistance level of $2.2 trillion, which has been maintained since April. A successful breakout and retest could open the way to $2.31 trillion.

Bitcoin rises to 30-day high

Bitcoin is trading at $63,707, up 1% over the last 24 hours. It has reached its highest level since August 26.

The major coin has seen a surge in demand over the past week, rising nearly 10% in value in just seven days, as reflected by its rising Relative Strength Index (RSI), currently at 63.18.

The RSI, which measures the overselling or overbuying status of an asset, indicates that market participants are buying more BTC than they have recently sold.

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

Bitcoin Price Prediction
Bitcoin Price Analysis. Source: TradingView

If the BTC accumulation remains stable, it will try to break through the barrier formed at $65,066. A successful break of this level could push the King Coin up to $67,976.

Bittensor Leads Altcoin Market Rally

The main DePin token, TAO, has led the market rally, increasing its value by 24% in the last 24 hours. At the time of writing, the altcoin is trading at $575.29, its highest price since April 15.

Learn more: How to Invest in Artificial Intelligence (AI) Cryptocurrencies?

Tao price prediction
Bittensor Price Analysis. Source: TradingView

TAO is rallying towards another price level, $634.60, last reached in April. However, the overbought reading of the RSI indicates a possible downside. The token

disclaimer

In accordance with the Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without prior notice. Always conduct your own research and consult with a professional before making any financial decisions. Please be advised that our Terms of Use, Privacy Policy and Disclaimer have been updated.

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