Cryptocurrency Market Sees Significant Surge as NVIDIA Results Boost Prices

The cryptocurrency market has experienced a substantial increase in value over the past 24 hours, with Bitcoin at the forefront of the surge. This uptick can be attributed to the positive earnings reported by NVIDIA, a leading AI technology company. The strong quarterly results have helped alleviate concerns about the tech sector's prospects, resulting in a boost to cryptocurrency prices.

The market capitalization of cryptocurrencies has seen a significant rise, with over 2% growth in the past 24 hours. This increase is accompanied by a substantial jump in trading volume, with a 37% rise overnight to $129 billion. The surge in prices has been observed across various categories, including those associated with AI and Big Data, as well as meme category cryptos.

Short positions have surpassed long positions in the past 24 hours, indicating a short squeeze. The CMC Fear and Greed Index has increased to 16 from 11 a day earlier, although both readings signify 'extreme fear' in the market. Bitcoin has jumped to $69,953.53, while Ethereum has rallied 4.7% overnight to $2,062.29.