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▲ New York Stock Exchange
As Bitcoin recovered the $75,000 mark, and Ethereum, Solana, and XRP all showed strong gains, the cryptocurrency market once again entered the heart of a risk-on asset preference trend.
According to CoinMarketCap data as of 5:57 AM on April 17, the total cryptocurrency market capitalization rose by 0.84% from 24 hours ago to $2.55 trillion, and the CMC20 Index climbed by 0.63% to 154.7. The Fear & Greed Index indicated 'Neutral' at 56, and the Altcoin Season Index, at 36, signaled that the market is still closer to a Bitcoin-centric phase rather than a full-blown altcoin season. Bitcoin (BTC) rose to $75,208, up 0.44% in 24 hours and 3.90% in the last 7 days. Ethereum (ETH) entered a breathing period at $2,349, up 0.64% in one day, but rose 6.09% in the last 7 days. XRP (Ripple) surged to $1.45, up 4.48% in 24 hours and 6.89% in 7 days, while Solana (SOL) jumped to $89.58, up 5.55% in 24 hours and 6.20% in 7 days, showing relatively strong momentum among top coins.
The backdrop to the cryptocurrency rally today was the risk-on rally in the New York stock market. On April 16 (local time), the U.S. stock market closed strong across the board, with the Dow Jones Industrial Average rising 0.24%, the S&P 500 index gaining 0.26%, and the Nasdaq Composite index increasing 0.36%. Both the S&P 500 and Nasdaq hit new all-time highs during trading. The market reacted to optimism that a second peace negotiation between the U.S. and Iran could take place this weekend, and news of a ten-day ceasefire agreement between Israel and Lebanon. As geopolitical tensions eased, risk-on sentiment, leading to purchases of both stocks and cryptocurrencies, revived, and the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) also dropped to 17.94, supporting the alleviation of market anxiety.
Looking at individual coins, this rebound was slightly different from a simple Bitcoin solo run. While Bitcoin maintained its market dominance with a market capitalization of $1.5054 trillion, Ethereum showed a higher weekly growth rate, and XRP and Solana surpassed Bitcoin in daily gains. Notably, Solana saw strong buying interest with a market capitalization of $51.5 billion and 24-hour trading volume of $6.087 billion, and XRP also joined the top-tier rally, maintaining a market capitalization of $89.3 billion. On the other hand, the Altcoin Season Index remaining at 36 indicates that the current market is characterized by selective strength centered on large-cap coins, rather than an indiscriminate surge across the entire market.
The future outlook is favorable in the short term, but it's too early to consider it overheated. The fact that the Fear & Greed Index is still in the 'Neutral' zone, not 'Greed', and the Altcoin Season Index is only 36 out of 100, means that the market is in a phase of anticipating expectations rather than being overly excited. Ultimately, the sustainability of this rebound depends on further progress in negotiations between the U.S. and Iran, the maintenance of the Israel-Lebanon ceasefire, and whether the New York stock market's all-time high trend can continue. If geopolitical risks further decrease and the U.S. stock market continues its strength, a rotation into Ethereum, Solana, and XRP after Bitcoin settles at $75,000 could become more pronounced. Conversely, if the ceasefire issue falters or the stock market enters profit-taking, the cryptocurrency market cannot rule out the possibility of increased volatility after a short-term surge.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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