 ▲ Bitcoin Cash (BCH), XRP / ChatGPT-generated image |
Major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP, and Cardano (ADA) have rebounded simultaneously over the past 24 hours, bringing renewed optimism to the market. The rally is interpreted as the result of three key factors coming together: strong macroeconomic correlation, rising open interest, and capital inflows into spot ETFs.
According to CoinGape, the cryptocurrency market moved in tandem with the recovering stock market, showing a high correlation of 81%. Notably, global risk assets stabilized rapidly after U.S. President Donald Trump confirmed the death of Iran’s supreme leader. Total cryptocurrency market capitalization surpassed $2.31 trillion, breaking through the key resistance level of $2.3 trillion. Market sentiment has improved following Bitcoin’s earlier plunge to as low as $63,000.
Active positioning in the derivatives market also supported the price surge. Bitcoin open interest rose 1.6% to $44.27 billion, while Ethereum saw a sharp 6.44% increase to nearly $26 billion. XRP and Cardano recorded open interest of $2.24 billion and $462 million, respectively, signaling expanding investor participation. The Altcoin Season Index climbed from 29 to 34 over the past week, suggesting growing market interest in alternative cryptocurrencies.
Institutional capital inflows further fueled the uptrend. U.S. spot Bitcoin ETFs recorded net inflows of $787 million last week, while spot Ethereum ETFs attracted $81 million. The XRP spot ETF also posted net inflows of $9.55 million, highlighting institutional interest. Bitcoin is currently trading at $67,102, up 4.48%, while Ethereum has gained 7% to reach $2,007. XRP and Cardano have each risen more than 5%, reaching $1.38 and $0.28, respectively.
Some experts remain cautious. Prominent analyst Willy Woo suggested that Bitcoin could still fall to $45,000 due to macroeconomic events. With geopolitical uncertainties not yet fully resolved, concerns remain over potential volatility ahead. The cryptocurrency market is currently navigating its next direction amid the tug-of-war between ETF inflows and technical rebound momentum.
Disclaimer: This article is for investment reference only, and no responsibility is taken for any investment losses based on it. The content should be interpreted solely for informational purposes.