Cryptocurrency prices have stormed back into a fresh bull market, with the Fear and Greed Index climbing out of Monday's fear zone to above 56 as Bitcoin rallied more than 10% in 24 hours.
Sui led the altcoin charge, jumping to $0.8360 from this week's low of $0.4615, a rebound supercharged by Grayscale's launch of a new Sui fund that opens the token to institutional investors. Sei surged over 25% to $0.3025, while Celestia's TIA and Injective's INJ each gained more than 20%, with Bittensor, Brett and Conflux also among the top performers.
The rally rests on several drivers. Most tokens printed hammer candlestick patterns, a classic bullish reversal signal, while Bitcoin broke out of a falling broadening wedge. Fear over the unwinding Japanese yen carry trade faded as the yen softened nearly 4% from its monthly high and global stocks ripped higher, with the S&P 500 adding over 200 points yesterday for its best day since 2022. Traders are also betting that a US recession would force the Fed into aggressive rate cuts, with Jefferies expecting a jumbo cut this month and 125 basis points of easing priced in for the year. Ripple's win over the Securities and Exchange Commission added fuel, after the judge ordered a $125 million penalty instead of the $2 billion the SEC sought.
The caveat: this could still be a dead cat bounce, a temporary rebound inside a broader freefall that is common in crypto and stocks alike. A sustained rally stays unconfirmed until Bitcoin clears key resistance at $70,000, $72,000 and the year-to-date high of $73,400.