Over the past 24 hours, digital assets economy primarily crypto market has seen a huge surge in the prices as BTC crosses above $86,000 liquidating over $1B in total leveraged positions, This officially puts BTC over 50% up since its low we just seen 3 months ago. This shows the crypto market is officially entering a new bull market phase despite the US federal reserve's 25 basis point interest rate hike on 16th September FOMC meeting.
Assets and memecoin including ETH, SOL, SUI, PEPE, WIF, PENGU, FLOKI etc leading the market gains ranging from 15-25% as of now. Also, the altcoin market has collectively crossed above $1 Trillion and the alt season index seems to be surging new highs as well. Although its not even yet the memecoin season started, but looking at the trend, if the bitcoin dominance keep falling sharply, traders can expect a massive bull run ahead.
However, 70% of the altcoins on Binance have moved back above their 200-day moving average, as per the onchain data. This confirmed that a majority of them were experiencing strong, sustained bullish momentum in recent weeks to clear this key MA. Increased leverage positions could be something the investors should keep an eye on, as it would increase the risk of a pullback. So far as the things stand, the conditions support massive gains for the altcoin market.
As of now, at the time of writing this article, BTC is being trade around $85,800 and has seen a surge of over 5.74% today and 11%+ over the past week, with total crypto market surging over $3 Trillion with average gain of 6% today.