Major Cryptocurrencies Experience Moderate Gains as Broader Market Participation Remains Limited

The cryptocurrency market is witnessing a surge in major digital assets, including Bitcoin and Ether, alongside gains in US equities, as oil prices decline following a reduction in the war premium. However, the broader market's participation remains restricted to a select few coins. Bitcoin and Ether have seen increases of 5% and 9%, respectively, over the past 24 hours, driven by sustained demand from digital asset treasury firms and traders seeking exposure through futures. Notably, perpetual funding rates are positive but remain below 10% for both assets, indicating healthy demand without signs of overheating. Solana's SOL has rebounded to the mid-$80s but lacks directional clarity, similar to the payments-focused token XRP. Analysts remain bullish, awaiting Bitcoin to establish a foothold above $74,000-$75,000. According to Alex Kuptsikevich, chief market analyst at FxPro, a bullish victory will pave the way to the $87K-$90K range, where the 200-day MA and November-January support are located. The digital asset services wing of the Marex Group emphasizes the need for Bitcoin to hold above $74,000 without market overheating. Select altcoins, such as ZEC, HYPE, and AAVE, and memecoins like PEPE, continue to rally, with HYPE's parent platform, Hyperliquid, gaining share in the perpetual futures market. However, the broader market has yet to fully participate in the Bitcoin rally, as evident from traditional metrics measuring market breadth. The dollar index has continued to fall, hitting five-week lows as war fears ease, supporting the bullish case in risk assets.