The crypto market is going up today, August 4, erasing some of the losses made in the past few days. Bitcoin price has jumped to $114,000, up from Sunday’s low of $112,000.
The ongoing crypto rally is being led by some altcoins like Conflux (CFX), Hedera Hashgraph (HBAR), Ondo Finance (ONDO), Stellar Lumens (XLM), and Ethena (ENA). This article explores why the crypto is going up today.
Crypto Going Up as Investors Buy the Dip
One potential reason for the ongoing crypto market rally is that investors are buying the dip after the recent plunge. It is common for a cryptocurrency in a free fall to rebound as investors believe that it has become a bargain.
The risk, however, is that this rebound could be a dead-cat bounce (DCB). DCB is a situation where an asset in a downfall rebounds briefly and then resumes the downtrend.
Bitcoin Price Break-and-Retest Completed
The other potential catalyst for the ongoing altcoin rally is that the Bitcoin price has completed the highly bullish break-and-retest pattern, which we recently predicted.
A break-and-retest happens when an asset drops and retests a crucial support level after having a strong rebound. In Bitcoin’s case, as the chart below shows, it has retested the support at $122,000, its highest point in May and the previous all-time high.
This break-and-retest is a sign that the coin will continue its uptrend, and potentially retest its all-time high of $123,200.
Conflux Price is Jumping Ahead of the Conflux 3.0 Upgrade
Meanwhile, Conflux price jumped by over 15% on Monday as investors waited for the upcoming Conflux 3.0 upgrade. This upgrade will make it faster than other chains, with its speed being about 15,000 transactions per second (TPS).
It will also allow parallel block processing, AI agent support, and cross-border payment infrastructure, including the possibility of an offshore renminbi.
HBAR Price Jumps Amid ETF Approval Hopes
Hedera price surged by over 10% on Monday, even as its stablecoin ecosystem plunged. Its stablecoin supply plummeted to $74 million, down by over 64% in the last seven days. It has dropped from over $225 million from its highest point this year.
HBAR price jumped as investors remain optimistic that the SEC will approve a spot Hedera ETF later this year. Such a move would be bullish for the coin as it would lead to more inflows from investors.
READ MORE: HYPE Price Crashes Despite Key Hyperliquid Metrics Hitting ATH
Ondo Price Soars as TVL Jumps
Ondo token jumped sharply as the total value locked (TVL) jumped to a record high of over $1.38 billion, up from a January 1 point of $547 million.
The value has jumped after it was mentioned in a White House report on cryptocurrencies, which highlighted it as a key part of the tokenization industry.
Ondo also introduced Ondo Catalyst, a $250 million fund in collaboration with Panterra Capital. Additionally, the company is acquiring Oasis Pro, a regulated entity that will enable it to offer tokenized solutions in the US.
READ MORE: Cardano Price Plunges Ahead of Rare Evo as New $0.001 Token Surges
