The crypto market is currently going through a crazy price action but some technical indicators indicate it may not have yet hit an all-time high. Bitcoin has surged near $120,000, with altcoins such as XRP and Ethereum joining. Global crypto market capitalisation has reached $3.9 trillion, having gone up by 2.41% within 24 hours.
Trading volume surged 8.37% to $235.4 billion. Ethereum has jumped over 7%, and XRP spiked 20% to hit $3.62. Despite the bullish price action, analysts point to a different story beneath the surface.
According to Cyclop on X, none of the 12 major bull market peak indicators have hit their sell zones. This suggests the market has more room to grow. The Ahr999 Index is only at 1.25, well below its peak threshold of 4.
Similarly, the Pi Cycle Top is currently at $119,445, which is still quite a bit away from its warning level of $174,480. Indicators such as the Puell Multiple and MVRV Z-Score are on the rise, but they aren’t quite sending out any alarm just yet.
Altcoin Rotation Gains Steam
Aside from Bitcoin, altcoins such as Ethereum have just surpassed $3,600, and there is some positive movement with Dogecoin, Cardano, and Solana. The ETF-to-BTC ratio is currently at 5.17%, highlighting an increase in institutional interest.
Right now, bubble signals are still low. The Bitcoin Bubble Index and ETF net outflows aren’t showing any signs of panic or excitement just yet. On a brighter note, some recent U.S. legislation is sparking a bit of optimism. Congress has passed the GENIUS stablecoin bill along with the Clarity Act, which together pave a safer way for crypto innovation.
Also Read: Bitcoin’s Realized Cap Hits $1 Trillion For The First Time
