Dogecoin

United

Gold

<p>The post <a href="https://coinpedia.org/news/discover-why-crypto-market-is-up-today-bitcoins-60k-breakout-and-altcoin-rally/">Bulls, Rejoice! Top Reasons Why Crypto Market is Up Today</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin Breaks $60K! Key Reasons Why Crypto Market is Up Today </p> 
<p>The cryptocurrency market has seen a significant rebound, with the total market cap rising over 2 percent in the past 24 hours to around $2.24 trillion as of the mid-London session on Tuesday. This surge comes after Bitcoin (BTC) soared above <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">$60,000.</a></p> 
<p>At the time of writing, Bitcoin’s price had climbed 4 percent in the last 24 hours, trading at about $60,864.</p> 
<p>Major altcoins, including Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), and Tron (TRX), saw their prices jump by more than 5 percent over the same period.</p> 
<p>Want to know more? Dive in </p> 
<h2 class="wp-block-heading" id="h-top-reasons-crypto-surged-today">Top Reasons Crypto Surged Today</h2> 
<h2 class="wp-block-heading" id="h-general-market-recovery"><strong>General Market Recovery</strong></h2> 
<p>The recent drop in the cryptocurrency market was largely caused by a significant decline in the stock market, especially the Japanese Nikkei 225 index. However, intervention by monetary regulators and increased global liquidity have helped the market recover.</p> 
<p>With gold trading near its record high achieved over the weekend, the crypto market was poised to follow this upward trend.</p> 
<h2 class="wp-block-heading" id="h-improved-investor-sentiment"><strong>Improved Investor Sentiment</strong></h2> 
<p>Bitcoin’s price consistently staying above the key support level of $58,000 and reaching a daily high of about $61,300 has eased fears of further market downturns. Improved regulatory clarity in major markets like India, the United States, Russia, and potentially China has also strengthened investor confidence.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Crypto is showing signs of recovery, with Bitcoin rebounding to as high as $61.3K today. The crowd sentiment has been flipping more and more bullish for most top caps since the August 5th bottom, and BTC +19% since that fear-causing crash. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f44d.png" alt="👍" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/giuRmtgX5o">pic.twitter.com/giuRmtgX5o</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1825789638570549612?ref_src=twsrc%5Etfw">August 20, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Institutional investors have been buying the dip, with Bitcoin whales, including spot ETF issuers, ramping up their purchases.</p> 
<h2 class="wp-block-heading" id="h-rising-stablecoin-supply"><strong>Rising Stablecoin Supply</strong></h2> 
<p>Following the recent crypto crash, stablecoin issuers like Circle and Tether have minted billions of dollars, which have been added to various exchanges. This influx has significantly increased buying pressure, countering the bearish outlook from August and September.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Tether?src=hash&amp;ref_src=twsrc%5Etfw">#Tether</a> is like the <a href="https://twitter.com/federalreserve?ref_src=twsrc%5Etfw">@federalreserve</a> of <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a>! Every time more <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> is minted, the market seems to climb higher. <br><br>During the latest <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> correction, those <a href="https://twitter.com/hashtag/USDT?src=hash&amp;ref_src=twsrc%5Etfw">#USDT</a> printers were working overtime! <a href="https://t.co/J8tLbjcMHe">pic.twitter.com/J8tLbjcMHe</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1825793710329618785?ref_src=twsrc%5Etfw">August 20, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Earlier today, Tether minted 1 billion USDT, reinforcing its role as a key reserve for the crypto industry.</p> 
<p>This uptick in market activity highlights a growing optimism among investors and a positive recovery trend in the cryptocurrency space.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/technicals-suggests-to-sell-bitcoin-but-heres-what-waiting-for-btc-price-rally/" target="_blank" rel="noreferrer noopener">Technicals Suggests to ‘Sell Bitcoin’; But Here’s What Waiting for BTC Price Rally</a></p>

Bulls, Rejoice! Top Reasons Why Crypto Market is Up Today

Table of Contents

CoinPedia News

Other articles published on Aug 20, 2024

Marathon Digital to Raise $250 Million to Boost Bitcoin Holdings

Arbitrum DAO Passes Major Proposal to Boost ARB Token With Staking

$116,000 BTC Price Target Top Still in Play as Bitcoin Continues Off a Hidden Bullish Divergence ...

Ripple Ordered to Pay $125M in Securities Law Violation Case, Possibly Ending SEC vs. Ripple Conf...

Are Whales Accumulating Altcoins While Paper Hands Panic Sell? Is Something Big Coming This Autumn?

Don’t Miss Out: New Listing on Binance Could Be a 50X Memecoin!

Join our free newsletter for daily crypto updates!