Cryptocurrency Market Surges with Relief Rally

The cryptocurrency market has experienced a significant surge over the past 24 hours, with major cryptocurrencies like Bitcoin, Ethereum, XRP, and Dogecoin seeing substantial gains. According to the data provided by various sources, including Coinglass, the global cryptocurrency market capitalization has increased by 3.02% over the last day.

The price of Bitcoin has risen by 4.32%, nearing the $70,000 mark, while Ethereum has broken past the $2,000 resistance and seen a 47% jump in 24-hour trading volumes. XRP and Dogecoin have also seen significant gains, with prices increasing by 5.16% and 8.95%, respectively.

The uptick in cryptocurrency prices is accompanied by increased trading volume, which has risen by 34% over the last 24 hours. This surge in activity suggests that investors are taking advantage of the relief rally, but analysts warn that this might not be a sustainable momentum shift.

Blockchain analytics firm CryptoQuant notes that while Bitcoin's 'structural selling pressure has eased' compared to previous months, the trend has not yet turned upward. The Fund Flow Ratio, which measures the amount of BTC moving into Binance relative to total BTC held on the exchange, remains low, implying less sell-side pressure.