Why Is The Crypto Market Up Today?

The crypto market edged up 0.18% to $2.2 trillion on July 24, a marginal gain as a sharp selloff in stocks pushed some money toward digital assets.

Still, the move stayed weak, because oil above $100 a barrel and rising bond yields kept risk appetite fragile. So the total market cap held its footing without breaking higher.

1. Oil Tops $100 and Keeps Risk Assets Fragile

Oil set the tone. Brent crude crossed $100 a barrel for the first time in two months after Houthi militants struck two Saudi tankers in the Red Sea. Higher energy costs stoke inflation fears, which pressure every risk asset, crypto included.

As a result, the total market cap is now holding $2.20 trillion, its most decisive level since early July. A daily break below there, like the one on July 16, could open $2.16 trillion and then $2.12 trillion.

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