Crypto Rally: Bitcoin Surges Past $80,000 Amid US Public Debt Surge
A surge in the cryptocurrency market has seen Bitcoin and top altcoins rise by double digits. The market capitalization of all coins jumped by 4% in the last 24 hours to $2.78 trillion.
The rally is largely due to Bitcoin's strong comeback, breaking above the key resistance level of $80,000. This move is attributed to its role as a safe-haven asset amid the ongoing US public debt surge, which has reached $40 trillion and continues to rise.
Bitcoin's unique characteristics, including its supply cap of 21 million coins and lack of hacks in its 17-year history, make it a digital version of gold for some investors. With the Crypto Fear and Greed Index remaining in the greed zone at 73, investors tend to pile into digital coins during this sentiment.
Altcoins like Ethena (ENA), Injective (INJ), and VeChain (VET) are also surging due to increasing demand among investors. The 24-hour volume rose by 17.8% in the last 24 hours to over $104.9 billion.