The cryptocurrency market has seen an influx of approximately $165 billion over the past day, elevating total market capitalization to $4.16 trillion, just below its historic peaks.

“Risk appetite is incredibly strong,” stated analysts from the Kobeissi Letter, while analyzing leveraged equity exchange-traded funds.
*Translation: Analysts are indicating a strong confidence from investors in the current market trends.

This optimism has spread to the crypto sector, particularly as investors anticipate another interest rate cut from the US central bank, following recent mixed data on the labor market. Notably, market reactions to a US government shutdown were muted.

Bitcoin Takes the Lead

Around $475 million in short positions was liquidated within the last 24 hours, predominantly in Bitcoin and Ether, according to Coinglass. BTC has spearheaded the surge today, reaching its highest levels since mid-August when prices began to decline from their peaks.

At one point, Bitcoin crossed resistance to hit $119,400 during early trading hours in Asia, albeit retracing slightly to trade at $118,780 as this report is finalized. Analyst Daan Crypto Trades described this as a solid breakout but warned of a possible retreat back to the $112,000 mark.

🔗 Tweet by Daan Crypto Trades
*Translation: Daan Crypto Trades highlights the importance of maintaining price levels to support bullish momentum going forward.

Analysts also note that Bitcoin has maintained a value above $100,000 for 147 consecutive days, signalling potential resilience amidst the market activities. In this climate, Bitcoin is expected to continue its momentum with bullish sentiments observed across altcoins like Ether, XRP, and others. Altseason is once again a hot topic as several altcoins witness significant gains, including Solana and Dogecoin.

The potential for substantial future growth remains as none of the market’s indicators have yet suggested a reversal, indicating possibilities for continued upward movement.