Crypto Market Rally: Bitcoin Surges Past $80,000 Amid US Debt Surge

A crypto market rally is underway, driven by Bitcoin's strong comeback above $80,000 and its role as a safe-haven asset amid the US public debt surge. The market capitalization of all coins jumped by 4% in the last 24 hours to $2.78 trillion.

The rise in demand among investors is also contributing to the rally, with the 24-hour volume rising by 17.8% to over $104.9 billion. Technicals are also playing a role, with Bitcoin forming a bullish flag and golden cross pattern, which normally leads to further gains.

Altcoins such as Ethena (ENA), Injective (INJ), and VeChain (VET) are also surging, with ENA having formed a bullish breakout above the key resistance level of $0.1908 and INJ forming a cup-and-handle pattern. The technicals suggest that these tokens have more upside potential.