Why is the cryptocurrency market rising today?

In the past 24 hours, the total market capitalization of cryptocurrencies has increased by approximately $42 billion, reaching $3.70 trillion, although it still faces a key resistance level of $3.73 trillion. The price of Bitcoin (BTC) remains constrained around the $115,000 mark, with insufficient short-term bullish momentum, but overall market sentiment is slightly optimistic.

Highlight 1: Memecore (M) surges strongly

Memecore skyrocketed 25% in 24 hours, peaking at $0.547. Although it has not broken through the $0.583 resistance level, technical indicators still show upward momentum; if it successfully breaks through, it is expected to challenge the historical high of $1.010. If it fails to hold the $0.440 support, the short-term trend will turn bearish.

Highlight 2: Market Focus Events

James Howells announced that the lost 8,000 BTC will be tokenized as "Ceiniog Coin (INI)" with a goal to peg it 1:1 with BTC, planned for release in 2025, bypassing government approval, which has attracted significant attention.

Binance API creator Jaggedsoft is preparing to sue the NFT platform ChainSaw and Matt Furie for $1 million, alleging negligence and fraud, increasing market uncertainty.

Short-term market variables:

The market is waiting for the announcement of the U.S. tariff policy on August 7. If the news is hawkish, it may put pressure on both the crypto and traditional markets; conversely, if economic expectations improve, the total market capitalization of cryptocurrencies is expected to break through resistance and reach $3.81 trillion.

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