The total crypto market (TOTAL) jumped by $78 billion over the last 24 hours, with Bitcoin (BTC) nearly $120,000. Among the altcoins, PancakeSwap (CAKE) shot up 15% to emerge as the best performer of the day.
In the news today:-
- On July 27, 2025, the US and EU announced a historic trade agreement, imposing a 15% tariff on EU exports. The deal strengthens economic ties, which is crucial for the crypto market as well, to improve the conditions and performance of the tokens.
- As Ethereum marks its tenth anniversary, community members celebrate its resilience, while analyst Marty Party critiques its slow speed and reliance on Layer-2 solutions. He argues that Ethereum’s uptime record is misleading and that L2s are centralized, escrow-bound proxies.
The Crypto Market Rises
The total crypto market cap has surged by $78 billion in the last 24 hours, now standing at $3.90 trillion. Positive news about global trade deals is driving investor confidence, contributing to the market’s growth. This development helps bolster optimism across various cryptocurrencies, pushing the market higher.
With the global trade deals fueling optimism, TOTAL is likely to capitalize on this momentum and secure $3.90 trillion in support. If this level holds, the crypto market could see continued growth, potentially pushing TOTAL towards the next milestone of $4.00 trillion, solidifying the bullish outlook.
However, if market conditions change and investors begin to sell, the crypto market could experience a decline. A drop below $3.90 trillion may lead to a retreat toward the $3.80 trillion mark, invalidating the bullish sentiment and signaling a shift toward bearish trends.
Bitcoin Remains Consolidated
Bitcoin’s price is currently trading at $119,517, just shy of the crucial resistance level of $120,000. This level has been a challenge for BTC over the past two weeks, as it struggles to maintain momentum and break past this barrier to push further toward new highs.
In order for Bitcoin to advance, it must breach the $120,000 resistance and establish it as support. Successfully securing this level could pave the way for Bitcoin to target $122,000, with the potential to reach its all-time high of $123,218, marking a significant milestone in its recovery.
However, if market conditions do not favor a breakout, Bitcoin may remain within the consolidation range of $120,000 and $117,261. Continued resistance at these levels could result in prolonged sideways movement, preventing any substantial upward price action in the near term.
PancakeSwap Takes The Top Spot
CAKE has emerged as the best-performing altcoin today, recording a 15.4% rise in the last 24 hours. Currently trading at $3.22, the altcoin is showing strong momentum. Its recent price movement indicates that further upward potential may be possible.
To continue its upward trajectory, CAKE needs to hold above the key support of $3.08. Establishing this level as a foundation will allow the altcoin to break through the $3.30 resistance and potentially rise towards $3.50, signaling sustained bullish momentum and attracting more investors in the process.
If CAKE fails to maintain support at $3.08, short-term investors could trigger a sell-off, causing the price to slip below this level. This could lead to a further decline, with $2.76 being the next significant support. If this happens, the bullish outlook for CAKE will be invalidated, and a reversal could follow.
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