Bitcoin and Altcoins Surge as Safe-Haven Assets Amid US Debt Uptrend
A crypto market rally is underway, with Bitcoin and top altcoins like Ethena (ENA), Injective (INJ), and VeChain (VET) experiencing significant gains. In the past 24 hours, the total market capitalization of all coins has jumped by 4% to $2.78 trillion.
Bitcoin's resurgence above the key resistance level of $80,000 is a major factor contributing to the rally. Its role as a safe-haven asset amid the ongoing US public debt surge, which has reached $40 trillion and continues to rise, is also drawing investors in. Bitcoin's unique characteristics, including its supply cap of 21 million coins and its 17-year hack-free history, make it an attractive store of value for investors.
The Crypto Fear and Greed Index remains in the greed zone at 73, indicating a risk-on sentiment among investors. This is reflected in the increased demand for digital coins, with the 24-hour volume rising by 17.8% to over $104.9 billion. Technical analysis also suggests that Bitcoin and other tokens are poised for further gains.
Specifically, Ethena (ENA) has formed a bullish flag and golden cross pattern, while Injective (INJ) has broken out of a cup-and-handle pattern. VeChain (VET) has remained above its 50-day moving average, providing robust support for the token.