Bitcoin and the Crypto Market in the Green as Rally Gains Momentum

The crypto market is on the rise, with Bitcoin (BTC) climbing to $106,000, marking a 4.2% increase in the last 24 hours. Ethereum (ETH) also saw strong gains, jumping 5.6% to $3,270.

The overall market capitalization surged to $3.6 trillion, reflecting a 4% daily increase, as bullish sentiment fuels investor confidence.

Bitcoin’s market cap now stands at $2.1 trillion, with $53.9 billion in daily trading volume, while Ethereum’s cap has reached $395 billion, backed by $26.4 billion in trading activity. The rally follows increased buying pressure, with investors capitalizing on the uptrend.

Meme coin Fartcoin (FART) stole the spotlight, soaring 32% in 24 hours to hit $1.23, with a market cap of $1.22 billion and $433 million in trading volume. The surge underscores the growing speculative interest in high-risk, high-reward altcoins.

The market rally triggered a wave of liquidations, with $279.96 million in leveraged positions wiped out. Of this, $188.21 million came from short positions, as traders betting against the market were caught off guard by the sudden price surge. Meanwhile, $91.75 million in long positions were also liquidated, reflecting volatility despite the upward momentum.

This rally could be attributed to Fed Chair Jerome Powell’s recent remakrs on U.S. banks holding cryptocurrencies.

As bullish momentum builds, traders are watching to see if Bitcoin can sustain its push past $106K, with Ethereum and altcoins following suit in what could be the next phase of the crypto market’s rally.