- The crypto market is going up today, continuing a trend that has been going on this month.
- The top gainers were coins like Pepe Coin, Polkadot, and XRP.
- The Crypto Fear and Greed Index has continued rising.
Crypto is going up today, with Bitcoin and most altcoins surging to the highest level in weeks or months. Bitcoin price jumped to $76,000 and is officially in a bull market after soaring by over 25% from its lowest level this year.
Altcoins have continued doing better than Bitcoin. Zcash (ZEC) price jumped by 20% in the last 24 hours, while top coins like Pepe, Polkadot (DOT), Ripple (XRP), and FET Coin were among the top gainers in this period.
The crypto rally coincides with the stock market rally that happened on Monday. Data shows that the Dow Jones, Nasdaq 100, and S&P 500 indices jumped by over 0.30% on Monday. This rebound happened as energy prices drifted downwards moderately.
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Bitcoin and Altcoin ETF Inflows Have Jumped
The rally is also happening as investors buy the dip, which is evidenced by the rising volume and ETF inflows. The 24-hour volume jumped by 98% to $150 billion, while the futures open interest soared to $115 billion.
SoSoValue data shows that the spot Bitcoin ETFs have gained over $1.5 billion in assets this month. Similarly, spot Etherem, XRP, Solana, and Chainlink have added millions of dollars in inflows this month. In a note, a Bitfinex analyst told BanklessTimes:
“The near-term question is whether macro clarity becomes a catalyst for the next move. Bitcoin has held the $71,000–$72,000 range even as oil prices surged and macro tightening risks increased. That suggests crypto may once again be stabilizing ahead of broader risk assets, a pattern that has appeared in prior tightening cycles where Bitcoin bottoms before equities begin to recover.”
The crypto is going up is the Fear and Greed Index continues rising. It jumped from the year-to-date low of 5 to the current 46. This metric continues rising as investors embrace a risk-on sentiment. Also, there are signs that investors are embracing the view that Bitcoin has bottomed.
Looking ahead, the crypto market will react to the upcoming Federal Reserve interest rate decision on Wednesday. Economists expect the bank to leave rates intact as officials observe the developments in the Middle East.
Also, there is a risk that the ongoing crypto rally is a dead-cat bounce, a situation where an asset in a freefall rises a bit and then resumes the downtrend.
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