Crypto Market Rally: BTC Surges Past $80,000 Amid US Debt Surge
A rally is underway in the crypto market on September 19, with Bitcoin and several top altcoins rising significantly. The market capitalization of all coins has jumped by 4% to $2.78 trillion in the last 24 hours.
The primary driver behind this rally is Bitcoin's strong comeback above the key resistance level of $80,000. Its role as a safe-haven asset amid the US public debt surge is also contributing to its rise. The debt has surged to $40 trillion and continues to climb.
BTC's unique characteristics make it an attractive safe-haven asset, including its supply cap of 21 million coins and no history of hacks in its 17-year existence. Some investors view it as the digital version of gold.
The Crypto Fear and Greed Index has remained above the greed zone of 73 for a month, with investors often piling into digital coins during this sentiment.