The cryptocurrency market has experienced a powerful rebound, adding $250 billion to its total valuation in the past day, regaining above the $4 trillion mark.
Key Drivers of Growth
Altcoins led the charge, contributing nearly $240 billion to the overall market cap, significantly overshadowing Bitcoin's role in the rally.
Impact of Short Positions
The surge triggered a wave of short-position liquidations. According to analytics firm Coinglass, approximately $200 million worth of short contracts were forced to close, further amplifying upward price pressure.
Market Outlook
This rally comes amid a broader reopening of risk appetite across financial markets. While Bitcoin also edged higher, reaching around $116,000, the altcoin sector clearly drove the gains this time.
Signs of increased investor confidence and active movements in the altcoin market create a positive atmosphere, although the future development of the market remains uncertain.
