According to a major cryptocurrency data aggregator, Bitcoin was trading at $111,600, up 1.7% from the previous day (based on average prices across major exchanges).
Ethereum rose 4.0% to $2,653.78, while Binance Coin (BNB) increased by 1.8% to $685.78.
Other major altcoins also recorded gains:
Solana +3.2%, Ripple (XRP) +1.3%, Cardano (ADA) +4.8%, Dogecoin +4.2%, TRON +2.5%, Avalanche +8.4%, Shiba Inu +3.7%, Polkadot +4.0%, Toncoin +2.5%, Uniswap +3.0%, Aptos +8.0%, Litecoin +3.1%, Polygon +3.3%, Cosmos +4.3%, and OKB +0.6%.
In contrast, U.S. stock markets closed mixed.
The Dow Jones Industrial Average ended down 1.35 points (0.00%) at 41,859.09.
The S&P 500 dipped 2.60 points (0.04%) to 5,842.01, while the Nasdaq gained 53.09 points (0.28%) to close at 18,925.73.
The crypto market remained in an upward trend.
Analysts cited low funding rates in futures markets and a rise in global liquidity as key drivers of potential further gains.
They noted that Bitcoin’s current funding rate is significantly lower than in past bull cycles — six times lower than Q1 last year and three times lower than Q4 — suggesting that the market has not yet entered a euphoric phase.
They further explained that global money supply rose by 5% in Q1, driven by monetary policy shifts in the U.S., European Union, and Japan.
Historically, Bitcoin has shown over 80% correlation with global liquidity and tends to lag by about 60 days. This indicates potential continued buy-side pressure over the coming months.
Additionally, the amount of profit-taking remains relatively limited.
Investor sentiment has also improved amid reports that stablecoin legislation in the U.S. is nearing passage.
However, JPMorgan analysts warned that expectations for the stablecoin market to grow 3-4x within 1–2 years may be overly optimistic.
According to The Block, the analysts pointed out that both bills aim to ban interest payments on stablecoins and classify them as payment instruments akin to traditional currencies.
These restrictions, they argued, could limit stablecoin growth, making them less competitive compared to traditional financial products like money market funds that do offer interest.
In contrast, yield-generating products like BlackRock’s tokenized U.S. Treasuries and Figure Markets’ security tokens are expected to continue expanding.
Meanwhile, the Fear & Greed Index, a key investor sentiment gauge from Alternative.me, showed a reading of 72, indicating a “Greed” sentiment.
The index, which ranges from 0 (extreme fear) to 100 (extreme greed), is calculated using factors such as volatility (25%), trading volume (25%), social media activity (15%), survey data (15%), Bitcoin dominance (10%), and Google search trends (10%).
