The Crypto Assets market continues to pump, ETH breaks through the $3000 mark

The cryptocurrency market has recently shown an accelerated rising trend. Following a significant rise the previous night, the market experienced an even more intense pump last night.

According to data from a trading platform, Bitcoin soared to a high of 117548.2 USDT last night, and as of 8:30 this morning, it reported 115408 USDT, with a 24-hour rise of 3.75%. Ethereum performed even better, breaking the 3000 USDT mark driven by multiple favorable factors, reaching a maximum of 3002.99 USDT, and as of 8:30 this morning, it reported 2972.21 USDT, with a 24-hour rise of 5.77%. Solana reported 162.7 USDT, with a 24-hour rise of 4%.

Affected by the overall market rise, especially the strong performance of Ethereum, the altcoin market has also shown a robust recovery trend. As of 8:30 this morning, several coins among the top 100 altcoins recorded double-digit rises, with SUI at 3.42 USDT, a 24-hour increase of 11.7%; ARB at 0.3915 USDT, a rise of 11.1%; PEPE at 0.00001218 USD, an increase of 11.2%; and PENGU at 0.0194 USDT, a rise of 26.18%.

According to data platforms, the current total market value of the crypto market has surpassed 3.669 trillion USD. In terms of market sentiment, the trading enthusiasm of crypto users has significantly increased, with today's fear and greed index reaching 71, classified as "greed."

In the derivatives trading sector, the total liquidation across the network in the past 24 hours reached $1.078 billion, with short positions accounting for as much as $969 million. In terms of coins, Bitcoin had a liquidation of $583 million, while Ethereum saw a liquidation of $242 million.

The reasons for the current market rise mainly include:

1. The impact of tariffs has weakened: The psychological effect of the tariff turmoil on the market has significantly diminished, and panic sentiment is gradually fading.

2. Institutional buying increases: The buying power from institutions, including ETFs, continues to strengthen. As of July 10, spot Bitcoin ETFs have maintained positive inflows for 5 consecutive days.

3. Rate Cut Expectations Boost: Several officials from the Federal Reserve have made comments regarding rate cuts, boosting market sentiment. San Francisco Fed President Daly indicated that there could be two rate cuts, with consideration for implementation in the fall; Fed Governor Waller suggested that a rate cut should be considered at the July policy meeting.

Ethereum's strong rebound is remarkable. Since the market bottom in April, Ethereum has achieved a doubling-level rebound, outperforming Bitcoin and Solana. This performance is attributed to multiple factors including regulatory easing, institutional accumulation, foundation reforms, growth in on-chain activities, and the return of market confidence.

However, in the short term, ETH still faces strong selling pressure around the $3000 level, and it may need further consolidation to effectively break through. Certain analysis models indicate that ETH faces strong resistance around $3000, with support areas around $2750.

With the rebound of Ethereum, the market's expectation for the "altcoin season" has also reignited. Some analysts believe that the current open interest of multiple altcoins exceeds their market capitalization, which could lead to a short squeeze and become a driving force for the rise of altcoins. However, there are also views that most altcoins may still underperform Bitcoin in the future.

The market's view on the "Altcoin Season" remains divided. It has been a long time since the last "Altcoin Season," and the market seems to have lost the courage to imagine it happening again. Whether this time will be different remains to be seen.