The total market capitalization of cryptocurrencies has surged past the $3 trillion mark for the first time since early March, signaling a robust recovery phase led by Bitcoin and followed closely by various altcoins. This milestone, reached on March 7, is particularly notable as it represents the infusion of over $500 billion into the market since April 9, highlighting a 4.6% uplift in the crypto sector. The market’s buoyancy is partly attributed to recent comments by US President Donald Trump regarding trade tariffs with China, which he indicated would not escalate to previously feared levels. Trump’s softened stance on both the trade tariffs and Federal Reserve Chair Jerome Powell, whom he previously criticized, suggests a more conciliatory approach to economic matters, potentially easing investor concerns.
### Is It the Season for Altcoins?
Despite Bitcoin’s dominance maintaining a high at 64.4%, hinting that a full-fledged ‘altseason’ might still be some distance away, altcoins have shown promising signs of rallying. Bitcoin itself has been breaking records, nearing the $95,000 resistance level, while the Bitcoin Fear and Greed Index indicates a shift to ‘greed’ with a score of 72. This optimism is mirrored in the performance of various altcoins and the reversal in flows for U.S. Bitcoin ETFs, which have seen over $1 billion in inflows this week.
Ethereum, Dogecoin, Cardano, Avalanche, and Sui are among the top-performing altcoins, with substantial gains recorded in the last 24 hours. Ethereum has seen a 13.5% increase, approaching $1,800, while Dogecoin and Cardano have also posted double-digit gains. Sui, in particular, stands out with a remarkable 23% surge.
This resurgence in the crypto market, spearheaded by Bitcoin’s rally and supported by significant gains across a variety of altcoins, marks a potential turning point in the sector’s trajectory, inviting both cautious optimism and speculative interest from investors.
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