Crypto Market Rally Sees Bitcoin and Altcoins Surge as Risk-On Sentiment Gains Momentum
A rally in the cryptocurrency market is underway, with Bitcoin and top altcoins like Ethena (ENA), Injective (INJ), and VeChain (VET) experiencing significant gains. The combined market capitalization of all coins has jumped by 4% to $2.78 trillion over the last 24 hours.
The rise in Bitcoin's value above the key resistance level of $80,000 is a major contributor to this rally. Some investors view it as a safe-haven asset due to its unique characteristics, including a supply cap of 21 million coins and no history of hacking in its 17-year existence.
Additionally, the Crypto Fear and Greed Index has remained above the greed zone of 73 for over a month, indicating a risk-on sentiment among investors. This has led to increased demand for digital coins, with 24-hour trading volumes rising by 17.8% to $104.9 billion.
Technical analysis also points to a bullish trend in these tokens. Bitcoin has formed a bullish flag and golden cross pattern, while other altcoins like Ethena have broken through key resistance levels and remain above moving averages.