Source: CoinMarketCap
Events leading up to the recent crypto rally
Tech company Nvidia recently reported record-breaking earnings driven by demand in artificial intelligence (AI). Due to the strong correlation (98%) of crypto with the S&P 500, the news fueled renewed risk appetite in investors of both stocks and crypto.
Capital rotation from BTC to altcoins has contributed to their recent rallies as investors seek higher returns from riskier assets. Bitcoin dominance is now at 58-60%, while the Altcoin Season Index reads 34/100, indicating a mixed market for Bitcoin and Altcoins.
This week, Bitcoin ETFs saw $257.7M in net inflows, effectively ending a five-week outflow streak.
Near-term market outlook
At press time, the overall crypto market cap totaled $2.38 trillion, having gained 7.50% in the last 24hours.
Should the current rally hold, the crypto market could test the $2.59T (50% Fibonacci) level. Falling below $2.35T (78.6% Fib) would indicate a loss in momentum, validating a weak bullish theory.
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