Crypto Markets Today: Broad Rally Emerges as BTC, ETH Rise, ZEC Extends Steep Decline
A broad crypto rally saw Bitcoin reclaim $93K and Ether surpass $3,050, though Zcash (ZEC) continued a significant weekly decline.Summary
The crypto market experienced a broad rally on Wednesday, with Bitcoin (BTC) jumping 6.6% to $93,000 and Ether (ETH) moving above $3,050, pushing the CoinDesk 20 index up 8%. Altcoins like SUI and LINK saw substantial gains of 31% and 24%, respectively, suggesting the bearish trend since October is vulnerable. However, Zcash (ZEC) bucked the trend, extending its seven-day slide to 38% as traders took profits after a major run-up. Trading volume on perpetual exchanges rose over 5%, indicating leverage is supporting the move. Despite positive funding rates for most tokens, open interest in regulated CME futures for BTC and ETH sank to multi-month lows, suggesting traders are favoring offshore venues. Market depth remains low, meaning price swings could be exaggerated by any bearish news.
(Source：CoinDesk)