The crypto market staged a strong recovery over the past 24 hours, with Bitcoin (BTC), Ethereum (ETH), XRP, and Cardano (ADA) posting notable price gains. The broader rally pushed total crypto market capitalization up 4% to $2.31 trillion, breaking above the key $2.30 trillion level. This rebound reflects renewed investor confidence, rising derivatives activity, and fresh inflows into spot crypto ETFs.
Market data shows a growing correlation between cryptocurrencies and traditional equities. According to TheBlock, Bitcoin has recorded an 81% 30-day correlation with the S&P 500, highlighting how macroeconomic trends and global risk sentiment are influencing crypto price movements. Recent geopolitical developments and stabilization in global markets also contributed to the recovery, following a sharp sell-off that previously dragged Bitcoin down to $63,000.
At the time of writing, Bitcoin price climbed 4.48% to $67,102, while Ethereum surged 7% to $2,007. XRP and Cardano outperformed earlier in the session, each gaining around 5% to trade at $1.38 and $0.28, respectively. The increase in prices was supported by a rise in open interest across major cryptocurrencies. Bitcoin open interest rose 1.6% to $44.27 billion, Ethereum jumped 6.44% to nearly $26 billion, XRP reached $2.24 billion, and Cardano climbed to $462 million. Rising open interest signals growing participation in crypto derivatives markets.
Institutional demand also strengthened the bullish narrative. Data from SoSoValue shows U.S. spot Bitcoin ETFs recorded $787 million in weekly net inflows, while Ethereum ETFs saw $81 million and XRP ETFs added $9.55 million. Meanwhile, the Altcoin Season Index climbed from 29 to 34, suggesting increasing interest in altcoins during the early phase of a potential market recovery.
Despite the rebound, analysts such as Willy Woo caution that Bitcoin could still face downside risks, with projections pointing to a possible drop toward $45,000 if macroeconomic pressures intensify.
