Crypto Market Surges Past $2.76 Trillion in Valuation Amid Interest Rate Hikes

The crypto market is experiencing a strong rally, with most tokens in the green and the valuation hitting $2.76 trillion. Despite the Federal Reserve and Bank of Japan hiking interest rates, the market continues to surge.

Near Protocol ($NEAR) has been one of the top performers, outpacing mainstream coins like Bitcoin, Ethereum, and XRP. The token reached a high of $3.7830 this week, significantly higher than its year-to-date low of $0.8490. Near Protocol's rise above the key resistance level of $3.08 and all moving averages is a strong indication of its upward trend.

However, analysts note that the token has become highly overbought, with an RSI reading of 85. This may lead to a retreat and retest of the support level of $3.08 before resuming the upward trend.

Venice Token ($VVV) is another top performer, having reached its all-time high of $29.30. The token has remained above key resistance levels and moving averages, indicating an upward path. Analysts expect the next target to be around $35.

Hyperliquid's ($HYPE) price surge was attributed to President Donald Trump's support for its entry into the United States and the SEC's backing of tokenization of stocks in the country. The token has completed a break-and-retest pattern, with the next target being at $100.