Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) is experiencing a slow recovery, keeping within its bullish pattern, which is also shared by Bitcoin (BTC). Among the altcoins, meme coins have noted a significant increase, with Solana’s cat in a dogs world (MEW) leading the brigade.

In the news today:-

BlackRock and NASDAQ have proposed options trading for spot Ethereum ETF – iShares EthereumTrust (ETHA). The SEC has until April 2025 to respond to the proposal.
Grayscale Ethereum Trust (ETHE) registered the lowest outflows since the launch of the spot ETH ETF on August 6. Less than $40 million worth of outflows were noted.
The Crypto Market Sees Green
The total crypto market cap marked its first 24 hours of consistent rises, adding $100 billion in this duration. TOTAL now stands at $1.97 trillion, gradually closing in on the $2 trillion resistance after bouncing back.

TOTAL can be seen moving within a bullish descending broadening wedge, which suggests a rally is likely to occur eventually. However, this could be a while as $2.30 trillion needs to be secured as support in order to breach the upper trend line at $2.33 trillion.