By The crypto market was a sea of green as Bitcoin and most altcoins continued their recent recovery. The market capitalization of all cryptocurrencies surged to over $2.93 trillion, a figure that may continue to grow this week.
DeepBook price surges after exchange listings
DeepBook Protocol (DEEP) price surged by over 122% on Wednesday, reaching a high of $0.2055. It rallied in a high-volume environment, with its 24-hour figure surging to $1.02 billion. This is a notable surge for a coin that has a market cap of over $591 million.
DeepBook Protocol token surged after Binance announced that it would list its perpetual futures contracts with a 50x leverage. It was also listed on Upbit, the popular South Korean crypto exchange. Also, DeepBook price jumped after launching a key upgrade on the Sui network.
DeepBook v3.1 is live on @SuiNetwork Permissionless pools. Lower fees. Deeper liquidity. This upgrade marks a new era for onchain trading — designed for builders, traders, and everyone in between. Let’s break it down 👇
The risk, however, is that these post-listing gains tend to drop as the momentum wanes. Also, DEEP has significant dilution risk as its circulating supply of 3 billion tokens is lower than the total figure of 10 billion.
Why altcoins like Dogecoin, Shiba Inu, and Cardano surged
Most altcoins have rallied by double digits in the past few days. Dogecoin price surged to a high of $0.18, its highest level since March 28 and 40% above its lowest level this month.
Shiba Inu price also soared to a high of $0.000014, its highest swing since March 28 and up by 325 from its lowest level this month.
Cardano price has jumped by over 30% from its April low. Other top-performing tokens in the crypto industry were Immutable, Sui, Walrus, Floki, Raydium, and Fartcoin. All these tokens surged by double digits.
Bitcoin price recovery
The main reason why these altcoins surged is that Bitcoin bounced back and crossed the important resistance level at $90,000 for the first time this month. That recovery occurred as investors began to view it as a safe-haven asset. For example, all spot BTC ETFs added over $936 million on Tuesday, following gains of $381 million and $107 million in the last two consecutive days.
Altcoins like Dogecoin, Shiba Inu, Cardano, and DeepBook do well when Bitcoin is in a strong rally.
Analysts are highly bullish on Bitcoin. In an X post this week, Arthur Hayes predicted that the coin would surge and hit $100,000 soon. Other top analysts like Robert Kiyosaki and Standard Chartered have also delivered bullish forecasts.
Read more: Swiss franc, gold, and Bitcoin emerge as safe havens amid Trump turmoil
Trump seeks to calm the market
Bitcoin and altcoins like DeepBook, Shiba Inu, Dogecoin, and Cardano have surged as Donald Tump sought to calm the market.
In a statement on Tuesday, he said that he was not about to fire Jerome Powell, the Fed Chair. This is a notable statement since an official recently said that the president was studying whether to fire Powell, a situation that would have led to weak confidence on the US.
These altcoins also jumped after Trump hinted that he was ready to work with China. He said that he was considering substantially cutting tariffs in a trade deal with the second-largest economy.
Most altcoins formed a double-bottom and a falling wedge
Dogecoin, Shiba Inu, Cardano, and other altcoins also jumped because most of them have formed a double bottom and a falling wedge pattern over the past few months. These patterns often lead to a strong bullish breakout over time.
The chart above shows that Cardano price formed a falling wedge pattern on the weekly chart. This wedge formed as it moved to the second phase of the Elliott Wave, which is then followed by the highly bullish third phase.
The other chart shows that the Shiba Inu price formed a double-bottom pattern at $0.00001050. Before that, the coin formed a falling wedge chart pattern, a popular bullish reversal sign. The same patterns can be seen on other altcoins like Dogecoin and Solana.
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