Bitcoin surges past $98K, fueling optimism as market cap hits $3.56 trillion, up 1.20%.
Altcoins rally, with XRP up 5.03% and smaller tokens posting triple-digit gains.
Fear & Greed Index at 82 signals extreme greed, reflecting bullish investor sentiment.
Bitcoin has climbed past $98,000 indicating a comeback of the bulls in the cryptocurrency market. Global market capitalization rose by 1.20% in the last 24 hours, according to the analytical platform CryptoRank, which stands at $3.56 trillion now. This positive change has given a ray of hope to investors, and the Fear & Greed Index is recording a high of 82 points, showing extreme greed.
Bitcoin’s market capitalization rose, but its dominance in the market reduced by 0.39% to 54.88%. This decline comes as altcoins posted impressive gains, enhancing the total market returns. Among the top 10 cryptocurrencies, XRP stood out, rising by 5.03%. Cardano (ADA) and Ethereum (ETH) also advanced by 2.42% and 2.02%, respectively, indicating a general market bull trend.
Altcoins Post Strong Gains
Smaller tokens were the biggest gainers for the day, highlighting dramatic rises in value. The most bullish cryptocurrency of the day was the Altered State Token (ASTO), with a 112.1% upsurge. Tokenbot (CLANKER) witnessed a 86% gain, while Nutcoin (NUT) climbed by 96.7%.
Others that performed remarkably well included MAD, which rose by 80.5%, and Luckycoin (LKY) increased by 75.9%. Thus, the gains indicate that substantial profits can be made in less popular and often lesser-known projects during the bullish phase.
Investor Confidence Returns
The increase in Bitcoin’s price and the strength of altcoins show that investors are regaining confidence in the market. The increase in the overall market capitalization indicates that the trappings of new trades and interests are returning as more investors look for various products.
The direction Bitcoin will take and whether the altcoins could continue strengthening would indicate the next phase of the market’s recovery. The cryptocurrency market is growing following Bitcoin’s impressive rally and an upsurge among other coins. The positive opinion indicates that further growth may be expected, and investors will be ready to wait for the next spike.
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