The cryptocurrency market is again in action today, with a sharp rally in large coins such as Bitcoin, Ethereum and Solana. At the time of writing, the total crypto market capitalization has risen to $ 3.43 trillion, which showed a healthy increase of 4.22% in the last 24 hours. Investor sentiment has also become positive. The Fear & Greed Index now reads 64, firmly in ‘Greed’ territory – a clear sign that traders feel confident about the direction of the market.
So what feeds this rally? Let’s break it down.
Bitcoin leads the attack
The star of the show is Bitcoin, who eventually broke from a consolidation range where he has been stuck since 23 May. Moments above $ 109,500, Bitcoin’s breakout is closely monitored by analysts. This step was expected due to a bullish weekly candle formation called a three-inside pattern around $ 100,000. Historically, this type of setup often leads to an 8-10% pump within a week or two.
If the momentum continues, some analysts believe that Bitcoin could hit $ 115,000 soon – or even higher.
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Worldwide factors also in the game
Apart from technical signals, positive news on the macro front also helps the rally. Reports show that trade discussions between the United States and China have resumed, which enlightens global market voltages. This, combined with growing institutional importance, has increased the trust of investors.
Altcoins follow this example
After Bitcoin’s lead, Altcoins also climb. Ethereum has risen more than 8% this week, now trading at $ 2,699, while Solana and Dogecoin have risen 5% and 6.6% respectively. Interesting is that Sui (sui) and hyperliquid (hype) have made impressive profit with double digits.
However, the Altcoin seasens index remains at 30 out of 100, which means that although altcoins gather, a fully-fledged Alt season has not yet arrived.
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FAQs
The rally is fed by the Bitcoin outbreak of consolidation, a bullish “three-inside-up” pattern, resumes the trade discussions of the US and the rising institutional interest.
Reserved trade discussions in the US china facilitate geopolitical tensions and reduce the uncertainty of the global market, which promotes a “risk-on” sentiment that encourages investments in assets such as crypto. This calmness helps to stabilize markets.