Why Crypto Market Is Up Today: Altcoins Surge as BTC, ETH Recover

Altcoins Rally as BTC and ETH Recovery Boosts Crypto Momentum

Bitcoin (BTC), Ethereum (ETH), and leading altcoins are flashing green following the recent lows in the crypto market, signaling a resurgence of bullish bias. Traders are preparing for a possible breakout with the trends gaining momentum as shown in various charts. The crypto market could be strongly on the rise towards the end of the year, provided conditions remain the same.

Notably, BTC is currently trading near $109,610, up by almost 1.9% in the recent session. The crypto is recovering after a correction from the peak of $125,000. Moreso, the MACD indicator shows a diminishing bearish trend, which could suggest a potential bullish crossover. This arrangement often suggests renewed accumulation.

BTCUSD 1D CHART | SOURCE: TradingView

In the meantime, the RSI value at 44 indicates recovering strength as sellers lose control. If the RSI is driven above 50 by momentum, a move in the direction of $113,000 should be expected, which also strengthens a short-term bullish formation within a consolidation zone.

Ethereum, on the other hand, is proving to be resilient, currently trading at a value of around $3,902 with a 1.46% rise today. The crypto is establishing higher lows after a sharp recovery from around $3,720, indicating stable demand near the support level. 

Although volume has eased slightly, the setup indicates steady accumulation as opposed to speculative spikes. The next crucial level is at $3,950, where a breakout could lead to the major psychological resistance of $4,000. On the whole, the technical foundation of ETH is stable, which is an indication of the current reversal of neutral to bullish bias.

ETHUSD 1D CHART | SOURCE: CoinMarketCap

Additionally, a long-term analysis of the altcoins suggests that price has been consolidating above the ATH reached in 2021 with a six-year upward trendline. This structure has been a stable foundation even during earlier cycles. The continuous squeeze indicates that altcoins are ready for an expansion phase, which usually precedes strong rallies. Also, the structure suggests a strong structural stability and investor confidence that has returned to smaller-cap tokens, which could be the precursor to widespread investments.

Altcoin Market Cap Chart | Source: X

Crypto Market Rises as BTC, ETH Strengthen

The crypto sector's rise today is mainly propelled by the spike in Bitcoin and Ethereum prices that has lifted sentiment in the market, promoting gains across altcoins. With both BTC and ETH hovering near $109,000 and $4,000, respectively, traders are regaining confidence by making new moves into mid and small-cap tokens.

Sustained recoveries in BTC and ETH are historically considered a trigger to crypto rallies, as their dominance and liquidity predetermines the rest of the sector.

As of press time, the total market sentiment leans bullish, with Bitcoin holding its position above its immediate support and Ethereum close to $3,900, marginally above its base. Having existing mechanisms in place, the subsequent outburst could bring the crypto market to the next upswing, confirming new momentum in the digital asset space.