Altcoins Spark Crypto Surge as Market Approaches Euphoria
The total cryptocurrency market cap jumped 2.7% over the past 24 hours, reaching $3.38 trillion, with a brief spike to $3.40 trillion the night before—marking the highest levels since early February. This rally is largely driven by renewed momentum in altcoins.
The Crypto Fear & Greed Index has climbed to 73, nearing the "extreme greed" zone. Despite strong bullish sentiment, the index suggests there's still room for further gains before entering overbought territory.
Bitcoin (BTC) remains steady around $104,000 for the sixth day in a row, displaying the kind of sideways action typically seen near psychological resistance. These levels coincide with the December–January all-time highs, which may serve as key turning points.
Ethereum (ETH) is trading near $2,615 after failing to hold above the crucial $2,700 level, which aligns with its 200-day moving average. Following a sharp 55% surge last week, ETH could be due for consolidation or a pullback, with $2,400 as a potential support zone.
Macro Tailwinds and Institutional Activity
Bitcoin Magazine analysts note a significant uptick in global M2 money supply, a macroeconomic signal historically tied to BTC bull markets.
On-chain metrics from Glassnode and Santiment reveal that wallets holding between 10 and 10,000 BTC have amassed over 83,000 BTC in the past month—an indicator of rising institutional interest, even as experienced traders tread cautiously.
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