A significant crypto rally emerged today, with Bitcoin breaking through the crucial resistance level of $95,000 for the first time in months. This surge contributed to a market capitalization exceeding $3.2 trillion across all cryptocurrencies. The standout performer was Dash, which skyrocketed over 50% within the last 24 hours, bolstered by a trading volume that surpassed $1.01 billion. Other notable gainers included Pepe Coin, which rose by 16%, and Internet Computer (ICP), which saw a 14% increase.
The overall crypto market experienced a volume spike of 41%, reaching over $142 billion, while futures open interest climbed to $140 billion. This rally coincides with the anticipation surrounding regulatory improvements in the United States, particularly following the passage of the GENIUS Act in 2025, which established guidelines for stablecoin issuers. Additionally, the Senate Banking Committee recently released the text of the CLARITY Act, setting the stage for a markup scheduled soon. Analysts predict this legislation will likely gain approval in the coming weeks, possibly receiving a signature from former President Donald Trump.
Moreover, the recent upward movement in Bitcoin can be attributed to its formation of a bullish ascending triangle pattern, characterized by a horizontal resistance at $124,500 and an ascending trendline. Having breached this horizontal line, Bitcoin has confirmed a bullish outlook, with the next significant resistance level potentially at $100,000. Historically, Bitcoin influences the broader crypto market, with altcoins typically performing well during its upswings and suffering larger downturns during its declines.
The shift in market sentiment is also reflected in the Crypto Fear and Greed Index, which recently transitioned from an extreme fear level of 10 to a neutral position at 52. This indicator”s movement suggests an increasing risk-on sentiment among investors, particularly in light of the latest inflation report indicating a drop in the core Consumer Price Index (CPI). Market dynamics often favor rising prices when the Fear and Greed Index moves away from fear towards greed.
As the day progresses, the crypto market is poised for potential additional catalysts, including a ruling from the Supreme Court regarding Donald Trump”s tariffs, which analysts believe will be declared illegal, potentially fostering further price increases across the market.
