Major digital currencies are gaining momentum in tandem with the US equities market, as oil prices decrease after shedding the war premium. However, broader market engagement remains scarce, with only a select few coins participating.
Bitcoin and ether have seen increases of 5% and 9%, respectively, over the past 24 hours, driven by strong demand from digital asset treasury firms and traders seeking exposure through futures. The perpetual funding rates are positive but remain below 10% for both assets, indicating a healthy demand for bullish bets without signs of overheating. Other coins, such as Solana's SOL and XRP, have shown some movement but lack clear direction. Analysts are optimistic, awaiting Bitcoin to establish a strong foothold above $74,000-$75,000 to pave the way for further growth.
Select altcoins and memecoins continue to rally, with some decentralized platforms gaining traction in the perpetual futures market. The broader market, however, has yet to fully participate in the Bitcoin rally, with traditional metrics showing limited market breadth.