The global cryptocurrency market is on the rise today, with major assets posting solid gains across the board. The total market capitalization has increased by 4.22 percent over the last 24 hours, now standing at $3.43 trillion.
Bitcoin has emerged as the primary driver of this rally, breaking above the $109,500 level after weeks of sideways trading. This upward move follows a technical breakout from a consolidation range that began on May 23.
Analysts had been expecting this shift after identifying a three-inside-up candlestick pattern near the $100,000 mark. That pattern often signals short-term bullish continuation.
The move has strengthened short-term sentiment, with some projections now pointing toward a potential rise to $115,000 if momentum continues. The positive outlook is reflected in the Fear and Greed Index, which has risen to 64, indicating growing confidence among market participants.
Also Read: Pundit Lists 3 Factors That Would Prevent People From Owning a Meaningful Amount of XRP
Market Sentiment Boosted by Technical Signals and Global Developments
The rally is not being driven by technical factors alone. Broader macroeconomic developments are also contributing to the upbeat mood in the market. Recent reports confirmed that trade discussions between the United States and China have resumed, helping ease investor concerns about global tensions.
Additionally, institutional interest in cryptocurrencies appears to be growing. Large entities are reportedly increasing their exposure to digital assets, which has helped reinforce overall market confidence. This combined support from charts and real-world developments has created a favorable environment for crypto growth.
Altcoins Show Strength but Remain in Bitcoin’s Shadow
Ethereum has followed Bitcoin’s lead with an 8 percent gain this week, now trading around $2,699. Other notable performers include Solana and Dogecoin, which have recorded gains of 5 percent and 6.6 percent, respectively.
Lesser-known tokens such as Sui and Hyperliquid have also attracted attention after posting double-digit increases. These sharp moves indicate increased risk appetite, although overall dominance remains with Bitcoin.
Despite the broad gains, the Altcoin Season Index sits at 30 out of 100. This suggests that while altcoins are participating in the rally, the market is not yet in a full altcoin cycle.
Conclusion
Bitcoin’s breakout, supported by technical formations and improving global sentiment, has set the tone for today’s market surge. Altcoins are reacting positively, but Bitcoin remains the clear leader in the current trend.
Also Read: Bitcoin and Ethereum Dominate 24-Hour Gains as Altcoins Follow Steadily
