The cryptocurrency market is witnessing a notable resurgence, with a sharp rally lifting major coins including Bitcoin, Ethereum, and Solana. As of now, the total crypto market capitalization has surged to $3.43 trillion, reflecting a 4.22% increase within the past 24 hours, while the Fear & Greed Index has climbed to 64, indicating a shift towards 'Greed' among traders.
Bitcoin has emerged as the primary driver of this upswing, breaking out of a consolidation phase it had experienced since May 23rd. With its price now exceeding $109,500, analysts are closely monitoring this move. The recent bullish structure in the form of a three-inside-up pattern near the $100,000 price point has historically foreshadowed an 8-10% price jump within a week or two. Should this trend continue, some experts speculate that Bitcoin could reach $115,000 or even higher.
Beyond Bitcoin’s performance, broader global factors are lending support to the market. Resumption of trade talks between the U.S. and China has alleviated some global market tensions, fostering a more positive investor atmosphere. Moreover, there’s a noticeable increase in institutional interest, which further boosts confidence.
Following Bitcoin’s lead, various altcoins are also enjoying upward momentum. Ethereum has seen an increase of over 8% this week, trading at $2,699, while Solana and Dogecoin have risen by approximately 5% and 6.6% respectively. Noteworthy among recent altcoin performances are Sui (SUI) and Hyperliquid (HYPE) which have shown impressive double-digit gains. Despite these upward movements, the Altcoin Season Index remains at 30 out of 100, suggesting that while altcoins are performing well, a comprehensive alt season has yet to manifest.
Bitcoin has emerged as the primary driver of this upswing, breaking out of a consolidation phase it had experienced since May 23rd. With its price now exceeding $109,500, analysts are closely monitoring this move. The recent bullish structure in the form of a three-inside-up pattern near the $100,000 price point has historically foreshadowed an 8-10% price jump within a week or two. Should this trend continue, some experts speculate that Bitcoin could reach $115,000 or even higher.
Beyond Bitcoin’s performance, broader global factors are lending support to the market. Resumption of trade talks between the U.S. and China has alleviated some global market tensions, fostering a more positive investor atmosphere. Moreover, there’s a noticeable increase in institutional interest, which further boosts confidence.
Following Bitcoin’s lead, various altcoins are also enjoying upward momentum. Ethereum has seen an increase of over 8% this week, trading at $2,699, while Solana and Dogecoin have risen by approximately 5% and 6.6% respectively. Noteworthy among recent altcoin performances are Sui (SUI) and Hyperliquid (HYPE) which have shown impressive double-digit gains. Despite these upward movements, the Altcoin Season Index remains at 30 out of 100, suggesting that while altcoins are performing well, a comprehensive alt season has yet to manifest.
