BTC, which is up by 6.244% in the last 24 hours, is now trading at $93,069. The sudden surge in the last 24 hours is staggering. Meanwhile, ETH also jumped a significant 12% to reach a price point of $1,768. At the same time, Solana has experienced a surge of 7%, with its price standing at $149 now.
The overall market cap of the crypto market has increased by 4% to reach the mark of $3 trillion.
# Data Insights
CoinGlass came up with some interesting data. According to the platform, $602 million has been liquidated from the crypto market within 24 hours. Marking a hike in 130% since the last time.
Meanwhile, the open market is also booming. The open interest rate was 14% against $121.6 billion. The fresh bets leveraged in the market have resulted in this staggering growth.
# BTC vs. Altcoins
The overall market rally has been staggering. However, the Altcoin season index is still standing at 16. In the meantime, the BTC Macro Index has grown manifold. It suggests only one thing!
The season still belongs to Bitcoin.
But what about the BTC Exchange Traded Funds in the US? Happy news for these funds also. The ETFs recorded their third consecutive day of major inflow.
The last day’s net inflow was $936 million, as the SoSoValue data suggests. This has been the regular total since Trump assumed his office early, this year.
# What Fueled This Price Rally?
The improved market sentiments largely fueled this rally. But the primary reason is that the investors are keeping trust in the investment decisions of President Trump.
They think that the trade war between the US and China will pacify quickly.
But the question is- what are the valid grounds that make the traders think on those lines?
Firstly, the White House at the last press conference took a softer stance on economic issues. Secondly, Trump said that Chinese imports would be reduced eventually. That’s another channel where the volume of trade hostilities would be lessened. Now it’s time to see whether the price rally is stable or not!
