Crypto Market Nears Euphoria as Altcoins Lead the Charge

The total market capitalisation surged by 2.7% in the past 24 hours, hitting $3.38 trillion, with a momentary peak at $3.40 trillion the previous evening. These are the highest levels seen since early February, largely fuelled by renewed enthusiasm in altcoins.

The Crypto Fear & Greed Index now sits at 73, approaching "extreme greed" territory. While bullish sentiment dominates, the index still remains shy of the overbought zone—leaving room for further upside.

Bitcoin (BTC) continues to hover near $104,000 for the sixth consecutive day, exhibiting rotation behavior common near psychological resistance levels. These current levels align closely with the December–January all-time highs, which could act as critical inflection points.

Meanwhile, Ethereum (ETH) trades around $2,615, after failing to sustain above the key $2,700 resistance—a level also aligned with the 200-day moving average. After a remarkable 55% rally over the past week, ETH may now enter a cooling-off period or slight correction, with $2,400 as a potential retracement target.

Global Liquidity Expansion: Analysts from Bitcoin Magazine highlight a notable rise in the global M2 money supply, a macro indicator historically linked to BTC bull runs.

Smart Money Moves: On-chain data from Glassnode and Santiment shows that wallets holding between 10 and 10,000 BTC have accumulated over 83,000 BTC in the last 30 days, reflecting growing institutional interest despite caution among seasoned traders.

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