Related: Bitcoin 'looks exhausted' as next bear market yields $69K targetTotal market cap validates bull flagTOTAL — the combined market capitalization of all cryptocurrencies — confirmed a bull flag pattern on May 20, when it breached the upper boundary of the flag in the weekly timeframe at $3.27 trillion, coinciding with the 50 simple moving average (SMA). TOTAL is currently testing the resistance level at the $3.5 trillion psychological level, as shown in the chart below.
Source: CoinGlassThe largest single liquidation occurred on Bybit, where a BTC/USD position worth $6.36 million was liquidated. The magnitude of this liquidation mirrors the Nov.6 liquidation event, where more than $426 million in short leveraged positions were liquidated, accompanying a 16% increase ($356 billion) in the total crypto market capitalization on the same day.
Crypto prices buoyed by Bitcoin’s new all-time highsToday’s gains were led by Bitcoin (BTC), which broke through $111,000 for the first time on May 22, setting a fresh all-time high, as market sentiment continues to improve after last month's tariff-induced sell-off.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Nancy Lubale
The story "Why is the crypto market up today?" has 685 words across 29 sentences, which will take approximately 3 - 6 minutes for the average person to read.
Which news outlet covered this story?
The story "Why is the crypto market up today?" was covered 11 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 46 news stories per day.
It's most recent story was published 7 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
