Original | Odaily ([@OdailyChina](https://x.com/OdailyChina))
Author | Azuma ([@azuma_eth](https://x.com/azuma_eth))
The cryptocurrency market seems to have entered an accelerated upward phase, with a more violent rally following the significant surge the night before.
OKX data shows that BTC briefly rose to 117,548.2 USDT last night, currently reporting at 115,408 USDT as of 8:30 this morning, with a 24-hour increase of 3.75%; even more surprisingly, the Altcoin bellwether ETH, stimulated by multiple positive factors, broke through the 3,000 mark last night, reaching a high of 3,002.99 USDT, currently reporting at 2,972.21 USDT as of 8:30 this morning, with a 24-hour increase of 5.77%; another Altcoin leader SOL is currently reporting at 162.7 USDT, with a 24-hour increase of 4%.
Influenced by the overall market uptrend (especially ETH's revival), the Altcoin market has also seen a strong recovery. As of 8:30 this morning, multiple coins in the top 100 recorded double-digit gains, with SUI reporting at 3.42 USDT, a 24-hour increase of 11.7%; ARB reporting at 0.3915 USDT, a 24-hour increase of 11.1%; PEPE reporting at $0.00001218, a 24-hour increase of 11.2%; PENGU reporting at 0.0194 USDT, a 24-hour increase of 26.18%...
CoinGecko data shows that the total crypto market cap has now exceeded $3.669 trillion. In terms of market sentiment, crypto user trading enthusiasm has also significantly increased, with today's fear and greed index reaching 71, currently rated as "greedy".
In derivatives trading, Coinglass data shows that over the past 24 hours, the network liquidated $1.078 billion, with the majority being short position liquidations amounting to $969 million. By cryptocurrency, BTC liquidations reached $583 million, and ETH liquidations reached $242 million.
Reasons for the Rise: Tariff "Desensitization", Institutional Involvement, Rate Cut Expectations
We have previously analyzed the reasons for this market upturn in our previous market trend article.
On one hand, the market has gradually realized that the collective psychological impact of the recent tariff dispute has significantly weakened - just like the "wolf is coming" story, when a story is repeated multiple times, its deterrent effect naturally diminishes, and the panic-inducing impact of tariff wars on the crypto market and global economy has substantially decreased.
On the other hand, institutional buying power, including ETF inflows, continues to expand. As of July 10, spot Bitcoin ETF has maintained positive inflows for 5 consecutive days, and with SOL opening up ETF channels, more Altcoin ETFs are expected to be approved; additionally, beyond traditional BTC hoarding companies like Strategy, more listed companies are shifting their hoarding targets to ETH, SOL, and even HYPE Altcoins.
Besides these reasons, statements from multiple Federal Reserve officials about rate cuts last night also somewhat boosted market sentiment.
San Francisco Fed President Daley stated last night: "I think two rate cuts are possible, but everyone's expectations have uncertainty, considering implementing rate cuts in the fall."
Fed Governor and potential next chair candidate Waller stated that even with strong June employment data, the Fed should consider a rate cut at the July monetary policy meeting - "I have made my point clear. The current policy rate is too high, we can discuss lowering the benchmark rate in July... When inflation is declining, we don't need to maintain such a tight policy stance, which is the logical decision-making process for a central bank."
However, different voices still exist, Andrei Grachev, Partner at DWF Labs, believes that most Altcoins are expected to continue underperforming Bitcoin.
Factors such as the approval of the "Big and Beautiful Act", Q4 seasonal market activity, and potential interest rate cuts will drive Bitcoin and crypto-related stocks to new highs. The Altcoin market may partially follow the uptrend, but most mid-cap coins are expected to underperform Bitcoin, with opportunities emerging again.
It has been too long since the last "Altcoin season", so long that the term has become a joke, and the market seems to have lost the courage to imagine again.
Will it be different this time?
