Major Cryptocurrencies Experience Moderate Rally, Leaving Smaller Coins Behind

The cryptocurrency market is seeing a surge in major assets, such as Bitcoin and Ethereum, alongside gains in US equities, as oil prices drop the war premium. However, market participation remains limited to a select few coins. Bitcoin and Ethereum have risen by 5% and 9% respectively in the last 24 hours, driven by strong demand from digital asset treasury firms and traders seeking bullish exposure through futures. Perpetual funding rates are positive but below 10% for both assets, indicating a healthy demand for bullish bets without signs of overheating. Solana's SOL has bounced back to the mid-$80s but lacks directional clarity, similar to the payments-focused token XRP. Analysts remain bullish but want to see Bitcoin establish a foothold above $74,000-$75,000. A victory for the bulls will pave the way for a potential rise to the $87K-$90K range. However, Bitcoin may require a period of consolidation before rising above $90K. The digital asset services wing of the Marex Group emphasized the need for Bitcoin to hold above $74,000 without the market becoming overheated. Select altcoins and memecoins continue to rally, with HYPE's parent platform, Hyperliquid, gaining share in the perpetual futures market. The broader market has yet to participate fully in the Bitcoin rally, with only 51 of the top 100 coins showing the same behavior as BTC. In traditional markets, the dollar index continued to fall, hitting five-week lows, supporting the bullish case in risk assets.