Why has the cryptocurrency market increased today?

The total cryptocurrency market capitalization (TOTAL) surpassed $2.3 trillion as the US Consumer Price Index (CPI) turned out colder than expected. April's headline CPI came in at 3.4% year-on-year, up from 3.6% expected versus 3.8% in March.

Along with this, the price of Bitcoin also rose, as did altcoins, with Fantom leading the pack with a 24% rise.

In today's news: -

• Ripple partners with Cosmos' Ethereum Virtual Machine (EVM)-based Evmos protocol to create a sidechain of the XRP Ledger. This series will be designed to be EVM compatible.
  


• IOTA has launched “Testnet 2.0” which will allow the chain to migrate from Proof of Work (PoW) to Proof of Stake (PoS). The goal is to improve the scalability and efficiency of the network.

The market value of cryptocurrencies explodes

The market capitalization of cryptocurrencies has broken out of the symmetrical triangle it was in over the past month amid falling inflation. This brought the total value of all crypto assets to $2.32 trillion, an addition of almost $140 billion in a single day.

If support is assured at $2.3, the market capitalization of cryptocurrencies could continue to gradually increase.

Read more: Why are Hong Kong crypto ETFs important?

On the other hand, the loss of that same support could result in a decline to the $2.25 trillion level or lower.

Bitcoin price exceeds $65,000

The price of Bitcoin also rose, as did the rest of cryptocurrencies, as the world's largest crypto asset crossed the $65,000 mark. Trading can be seen BTC At $65,800 at the time of writing, after closing above $66,000 yesterday.

The flag pattern suggests a 45% rally is in store, but practical forecasts point to a breakout of $68,500 in the coming days.

On the other hand, this rise could also lead to corrections from investors if they move towards accounting profits.

Fantom surprises the market

Among all the top altcoins, its price is increasing Ghost Tops the list of best performing assets. The altcoin has risen by over 24% to currently break the $8 barrier. FTM entered the resistance zone between $0.80 and $0.88.

This range has been tested as both support and resistance, making it a crucial area for a breakout above. Moving it to support could lead to a major rally for the cryptocurrency.

Read more: Fantom (FTM) Price Forecast for 2024, 2025, 2026, 2027

However, the altcoin has failed to break through in the past. If the same thing happens this time too, Fantom price could drop back to $7. Further decline will take it to the $6.3 support floor.