Co-founder of Dogecoin Billy Markus drew the attention of the crypto community with his post "Are we back?" on platform X. This message became relevant against the backdrop of a general rally in the market, where most cryptocurrencies showed growth, with some achieving double-digit gains. Over the past 24 hours, Bitcoin has risen by 5%, while Ethereum increased by 6%. Cryptocurrencies such as Avalanche, Ethena, Morpho, Filecoin, Injective, and VeChain recorded profits ranging from 14% to 22%. Dogecoin itself also gained nearly 4%, trading at $0.088.
The Crypto Fear and Greed Index remains in the greed zone, indicating a positive shift in sentiment among traders. Markus's post lacked additional context, leaving his followers to speculate on what he meant. The meme phrases "we're back" and "it's all over" are often used online in the context of sharp shifts in sentiment and reactions to price changes.
The broader cryptocurrency market has recovered after the Federal Reserve decided to raise the benchmark interest rate by 25 basis points to a range of 3.75% to 4%. The failure of the clarity bill this week did not weaken the bullish sentiment: Bitcoin and altcoins rose towards the end of the week. The anticipated hike could lead to further price increases for cryptocurrencies if investors begin to worry less about further rate hikes. Meanwhile, key signals for Bitcoin and altcoins have shifted to positive, indicating potential price movement. According to Glassnode, the leverage of altcoins is still below the risk threshold. When the share of open interest in altcoins approaches Bitcoin within a few percentage points, the market is usually overheated. This condition is not currently met, indicating the potential for altcoins to continue rising. Bitcoin has also regained its True Market Mean, which lifted its price above a critical level and returned it to bullish mode.
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