Why is the crypto market up today?

The global crypto market cap remained above $3.5 trillion on Jan. 14 after rising by 2.3% over the past 24 hours. Bitcoin led the bullish revival after the crypto asset wicked down to $89,000 for the first time since Nov. 17 but it closed its daily candle at $94,485.Dogecoin (, Cardano (ADA), and XRP were the best performers among the top ten cryptocurrencies, with rises of 9.3%, 6.8%, and 6.2%, respectively.Donald Trump promises revolutionary crypto policies on day 1The crypto markets rallied after it was announced that President-elect Donald Trump would potentially issue a series of executive orders on the first day back at the White House, with crypto policies rumored to be a “clear priority.”Cointelegraph reported that the newly elected president is set to address important agendas, including digital asset de-banking and revoking the unpopular accounting policy that requires banks holding crypto assets to count them as liabilities.In December 2024, it was rumored that crypto industry representatives were advising Trump to establish new crypto policies within the first 100 days. The wider market expects crypto to be a key point of discussion on Jan. 20, which was Trump’s inauguration. Trump’s political campaign in 2024 largely appeased crypto investors globally and in the US, promising a crypto-friendly regulatory framework. A landmark proposal for a Strategic Bitcoin Reserve steered optimism and tax incentives for businesses and investments, encouraging growth and innovation. Michael Saylor, the chairman of MicroStrategy, also announced that the organization completed another round of BTC purchases, adding 2,530 BTC worth $243 million. The current buy-in keeps MicroStrategy’s 10-week streak of continuous BTC acquisition. The business intelligence firm currently holds over 450,000 BTC worth $43.3 billion at current value. Following MicroStrategy’s blueprint, Semler Scientific also acquired 237 BTC for $23.3 million, adding to its tally of 2,321 Bitcoin amassed since May 2024. Related: Donald Trump could issue crypto executive orders on first day: ReportTOTAL crypto market targets $10T, says analystFrom a technical perspective, the TOTAL crypto market chart has moved from one key resistance level to another over the past few years. Each time a resistance level has been crossed, it has been flipped into a support level, as illustrated in the chart. The total crypto market exhibited a break of structure (BOS) from its previous high of $3 trillion in November 2021, exactly three years later in November 2024. After six weeks of price discovery, the TOTAL crypto market has retraced to its previous high of $3 trillion. As mentioned earlier, based on historical outcomes, the likelihood of the $3 trillion level being turned into support is high. Jelle, an independent crypto analyst, shared a similar outlook on the market and said, “ATH Breakout + consolidation + sweep of the lows. The total cryptocurrency market cap looks ready for a face-melting rally! Send it to 10 trillion.”Related: How long will Bitcoin’s price consolidation last?This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.