The cryptocurrency market has experienced a significant rebound, with the total market capitalization climbing to approximately $2.41 trillion, marking a notable increase of over 3% in a 24-hour period. This growth is accompanied by a substantial rise in trading volume, which surged by 24.25% to reach $106.43 billion.
Bitcoin (BTC) led the charge, reclaiming the psychologically important $70,000 level and posting a gain of 3.07% to trade around $69,971. Its market dominance remains strong at 58.7%. Ethereum (ETH) also saw positive momentum, rising 1.66% to trade above $2,043, with a market dominance of 10.4%.
The market-wide recovery is attributed to improving macroeconomic conditions. A key factor is the easing of inflation pressure as Brent crude oil prices fell below $85, alleviating one of the headwinds that had previously weighed on risk assets like cryptocurrencies.
Despite the price gains, investor sentiment remains cautious. The Crypto Fear & Greed Index has inched up but remains in the "Fear" zone, standing at 27 points, indicating that the market recovery is being met with skepticism.
Other sectors within crypto also showed strength. The total value locked (TVL) in DeFi protocols increased by 2.27% to $97.1 billion, led by Aave. Notably, the project Mixoor recorded an extraordinary 26,962% increase in its 1-day TVL. The NFT market saw a dramatic 43.39% spike in sales volume, reaching $6.68 million, with the Flying Tulip PUT collection leading the charge.
Among individual tokens, Black Phoenix (BPX), PEPE (TRUMP), and D (D) were the day's top gainers, with each posting staggering increases of over 1,000%.
In other industry developments, Nvidia is reportedly planning an open-source entity for independent AI agents. Meanwhile, U.S. prosecutors have demanded a retrial for Roman Storm, co-founder of the crypto mixer Tornado Cash. Additionally, Ethereum co-founder Vitalik Buterin announced a "one-click" ETH staking initiative aimed at benefiting institutional participants.
