The global crypto market posted modest gains today, with Bitcoin (BTC) maintaining stability above a key support level and altcoins showing mixed but promising signs. Among them, Ethena (ENA) has emerged as the day’s standout performer, rallying more than 15% in 24 hours.
Market Cap Edges Higher but Remains Rangebound
The total crypto market capitalisation (TOTAL) added approximately $14.4 billion over the past 24 hours, climbing to $3.77 trillion. While this marks a positive uptick, the broader market remains constrained within a sideways trading range.

Total Crypto Market Cap Analysis. Source: TradingView
TOTAL continues to consolidate between $3.72 trillion and $3.81 trillion. The $3.81 trillion level remains a crucial resistance point, one that traders are closely watching as a potential trigger for renewed bullish momentum. Without a decisive break above this zone, the likelihood of a sustained rally appears muted.
Volatility has defined recent trading sessions, leaving many investors cautious about committing to new positions. However, market sentiment could shift quickly if institutional inflows strengthen. Analysts suggest that inflows from exchange-traded funds (ETFs) and traditional finance could act as the catalyst needed to push TOTAL above resistance and towards the next major target of $3.89 trillion.
Bitcoin Holds Key Support Levels
Bitcoin, the largest cryptocurrency by market capitalisation, is currently trading at $110,958. The asset has shown resilience, maintaining its footing above the $110,000 support threshold. Over the past two days, BTC has been rangebound, oscillating between $110,000 and $112,500.
This consolidation phase underscores stability, especially given the broader market’s volatility. Importantly, Bitcoin’s probability of a sharp near-term decline remains low unless significant negative sentiment or macroeconomic pressures emerge.

Bitcoin Price Analysis. Source: TradingView
The 50-day exponential moving average (EMA) is currently acting as both a support zone and a reminder of lingering bearish pressure. Despite this, BTC’s consolidation may be laying the groundwork for a more decisive move in the near future.
If buyers gain momentum and Bitcoin breaks above $112,500, analysts forecast the potential for a rally towards $115,000. Such a development would represent not only renewed investor confidence but also a potential shift into a recovery phase for the broader market.
Ethena Emerges as Top Altcoin Performer
Ethena (ENA) has stolen the spotlight in today’s trading session. The token surged by 15% within 24 hours, reaching $0.746 and establishing itself as the best-performing altcoin in the market.
The coin is currently holding above the critical $0.732 support level. This resilience is noteworthy, given the volatility that has dominated trading in recent weeks. A sustained bounce from this support could strengthen Ethena’s short-term outlook, with the next upside target identified at $0.794.

ENA Price Analysis. Source: TradingView
A successful move above $0.794 would allow Ethena to recover some of its August losses, potentially cementing its place as one of the more resilient assets in the altcoin space. However, caution remains necessary. Should profit-taking accelerate, ENA could slip below $0.732. In that scenario, bearish pressure may drive the token down to $0.676 or even $0.628, wiping out recent gains.
Investors Eye Institutional Inflows
Looking ahead, the key narrative for both Bitcoin and the broader crypto market will be the potential inflows from institutional investors. The launch and growth of crypto-related ETFs, along with a more open stance from traditional financial players, could inject fresh capital and spark renewed momentum.
Until such inflows materialise, the market is expected to continue consolidating within established ranges. For now, Bitcoin remains rangebound but stable, TOTAL continues to hover below critical resistance and altcoins like Ethena are providing pockets of optimism for traders seeking higher returns.
With sentiment delicately balanced, the coming week could prove pivotal. If institutional demand strengthens early in the week, TOTAL could flip $3.81 trillion into support and open the door to further upside. On the other hand, continued consolidation may keep the market subdued, forcing traders to remain cautious and selective in their positions.