The crypto market kicked off the week on a positive note, led by Ethereum's gains. Meanwhile, Bitcoin is on the rise, with other altcoins following suit. Explore the latest developments in the crypto landscape.
The crypto market has taken a bullish turn this week, with major cryptocurrencies showing strong performances. The global market capitalization of the sector reached $3.21 trillion, marking a 5.67% increase in the last 24 hours.
Ethereum (ETH) has once again emerged as the top gainer among major cryptocurrencies, surging by 19.57% to reach $2,203.86. Meanwhile, Bitcoin (BTC) also saw a rise of 3.90%, climbing back above the significant mark of $102,610.09.
The fear and greed index currently stands at 70, indicating a strong risk appetite among investors as the bullish trend solidifies. However, the altcoin seasonality index remains at 36/100, suggesting that despite their recent gains, Bitcoin maintains a dominance over the market momentum.
Among other notable performances, XRP saw a 6.43% price increase to $2.30. Solana also had a great day, jumping by 8.21% to $162.41. Dogecoin, the favourite memecoin, joined the rally with a 10.51% increase, reaching $0.1952. Cardano also impressed traders, climbing by 11.81% to $0.7716.
The positive trend is spreading deeper into the cryptocurrency rankings. Sui, in particular, saw an impressive surge of 12.34% in 24 hours, trading at $3.96, despite a slight pullback of 1.09% in the last hour. Chainlink also climbed, rising by 11.18% to reach $15.83.
Currently, TOTAL3 is facing the crucial 200-day moving average. It is also approaching the high liquidity zone between $874 billion and $934 billion. Above this zone, euphoria could trigger a significant rally across all altcoins.
In summary, this widespread bullish momentum reflects a distinctly optimistic market sentiment. These fluctuations provide traders and investors with multiple opportunities to capitalize on the volatility of crypto assets.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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