Bitcoin (BTC USD) price today climbs toward $66,000 after sharp overnight swing — altcoins rally as crypto futures hit $93.5 billion
Bitcoin Price Near $66,000 Today: Crypto Market Rally BTC Extends Beyond USD
Optimism extends beyond Bitcoin. According to the CoinDesk report, Tier 1 tokens Solana and Cardano are up 4.5%, while VIRTUAL, MORPHO and ETHFI are up more than 10%.
US Futures and Silver Rise Signal Broader Risk Appetite
US stock index futures rose along with cryptocurrency, with silver gaining 4% since midnight; This pointed to a broader risk appetite that appeared speculative rather than a specific headline.
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RSI Returns from Oversold Levels, Hints of Consolidation
Technical signals suggest momentum may stabilize. The average crypto relative strength index (RSI) has jumped from oversold levels to neutral territory, indicating consolidation may be coming.
Crypto Futures Open Interest Increased to $93.5 Billion
Cumulative crypto futures open interest in derivatives markets rose 1.5% to $93.5 billion. However, according to the CoinDesk report, much of this increase reflects rising spot prices rather than new capital entering the space.
Capital Moves Away from Gold-Linked XAUT Futures
Open interest in Bitcoin and Ethereum futures remained largely unchanged, while tether gold (XAUT) futures saw a 12% decline, suggesting capital rotation is shifting away from gold-related risks.Also read: Tim Cook warned by CIA that China could take action against Taiwan by 2027, report says
BTC USD Volatility Drops to 56% After Weekly Rise
Bitcoin’s 30-day implied volatility index fell to 56% after briefly reaching 65% at the beginning of the week, signaling calmer conditions.
Ether (ETH USD) Price Today
Ether reflected this trend. Still, caution remains: The $60,000 Bitcoin put on Deribit is the most popular options trade, and bearish bets on both BTC and ETH remain more expensive than bullish calls, according to a CoinDesk report.
Altcoin Season Indicator Reaches Highest Level Since January
The “Altcoin season” indicator reached its highest level since early January. VIRTUAL led the gains, up 15.5% since midnight and over 20% in 24 hours, topping the CoinDesk 80 index, which is up 1.7%, according to the CoinDesk report.
ETHFI jumps more than 10% after CEO Mike Silagadze hinted at a possible stablecoin launch; Morpho, on the other hand, increased its 30-day rise to 45.9% after a daily gain of 15%.
Toncoin and PIPPIN Slip as Traders Rotate Assets
Meanwhile, Toncoin and PIPPIN slipped into negative territory, underscoring the continued asset rotation among traders.
FAQ
What’s driving altcoins higher?
A broader return to risk appetite appears to be causing multiple tokens to be removed at once.
Why are gold futures falling?
Capital appears to be moving away from gold exposure and into other assets.
