Major Cryptocurrencies Experience Moderate Gains as Broader Market Participation Remains Limited

The cryptocurrency market has seen notable gains in major assets like Bitcoin and Ethereum, mirroring the uptrend in US equities as oil prices decrease. However, smaller coins have yet to join the rally. Bitcoin and Ethereum have seen increases of 5% and 9% respectively over the past 24 hours, driven by sustained demand from digital asset treasury firms and futures traders seeking bullish positions. Perpetual funding rates are positive but remain below 10%, indicating healthy demand without signs of overheating. Solana and XRP have shown some movement but lack clear direction. Analysts remain optimistic, awaiting Bitcoin to establish a strong foothold above $74,000-$75,000 to pave the way for further gains towards the $87,000-$90,000 range. The need for consolidation above $73,000-$74,000 without market overheating is stressed. Select altcoins and memecoins continue to rally, with platforms like Hyperliquid gaining market share in perpetual futures. However, broader market participation remains elusive, with only a few coins showing significant price movements above their 50-day moving averages. The decline in the dollar index supports the bullish case for risk assets, but the market remains cautious.