Bitcoin and Altcoins Bounce as Nasdaq Boosts Market Sentiment
Bitcoin climbed about 1.8% on Tuesday, pushing back against the weekend's gloomy mood. The upward push was helped by a strong day for equities-Nasdaq Composite Index saw its biggest daily gain since May-boosting overall risk appetite and drawing money into crypto assets.
The rally didn't end with Bitcoin. Many of the smaller cryptocurrencies, or altcoins, rose even more: tokens like Sui, ENA, Bonk, and CC surged by as much as ~11% as traders dove into those showing early signs of bottoming. Meanwhile, Ethereum rose around 3.3%, helping buoy sentiment despite its month‑long slump.
What is most noteworthy, however, is the dynamic behind it: crypto is acting increasingly like a "risk asset" in the mould of tech stocks rather than in its own silo. Academic research has proved that crypto price action is increasingly correlated with equity markets. In this instance, the excellent performance of the Nasdaq seems to have led to more buoyant behavior in crypto.
That said, the broader trend still has caution flags: while the bounce is positive, the longer‑term pattern for many crypto assets remains one of lower highs and lower lows—meaning the downtrend isn’t yet decisively broken.$BTC
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