Can the Crypto Market Sustain Its Upward Momentum?

The Global Crypto Market Recovers with a 3.62% Surge

The global cryptocurrency market capitalization has witnessed a notable 3.62% growth, climbing to $2.4 trillion. This upward trend has been primarily driven by a bullish momentum, with most major cryptocurrencies posting gains over the past 24 hours. The brief rally coincides with the announcement of ETH ETFs and the participation of prominent political figures in the Bitcoin conference in Nashville.

Market Remains in Neutral Zone, but Sentiment Improves

The market has shifted from the fear zone into neutral territory, according to the Fear and Greed Index, which currently stands at 59. This indicates a potential shift in market sentiment, with investors expressing less fear and more optimism.

Total Liquidations Reach $200 Million, Led by Ethereum

Over the past 24 hours, total liquidations reached $200 million, with Ethereum accounting for a significant portion ($73.16 million) compared to Bitcoin's $53.51 million. Altcoins recorded approximately $16 million in liquidations.

Significant Options Data Reveals Diverse Trader Positions

Options trading data indicates that 61,000 BTC options expired, with a Put Call Ratio of 0.62 and a notional value of $4.1 billion. Similarly, 490,000 ETH options expired with a Put Call Ratio of 0.45 and a notional value of $1.6 billion. These figures suggest contrasting assumptions among traders regarding future price movements.

Major Cryptocurrencies Perform Strongly

Bitcoin (BTC), the largest cryptocurrency by market cap, has risen 4.82% to $67.3K, while Ethereum (ETH) has gained 2.52% to $3.2K. Other altcoins, such as Solana (SOL), Uniswap (UNI), and Cardano (ADA), have also posted gains.

Solana Eyes New High Amidst Positive Momentum

Solana (SOL) has been a standout performer, registering a 6.68% surge to $178. This is attributed to the project's strong momentum, which suggests potential for further upward movement.