The recent performance of the crypto market has truly been eye-catching. The overall trend is showing a general upward movement, with major cryptocurrencies all demonstrating their own ascent stories.

Bitcoin has been particularly fierce in the past couple of days. The price surged to $96,000, with a single-day increase of over 5%. This rise is no idle boast—many are now watching the $100,000 threshold as if it’s right in front of their eyes, as if this number is about to flicker into view. From a technical perspective, $100,000 has become a key resistance level. Breaking through it could mean different things, and market participants are all weighing their own plans.

Ethereum hasn't been idle either. It broke through $3,300, with an increase of nearly 7%. Previously, Ethereum had shown some weakness for a period, but now it has regained its upward momentum. Based on the current trend, many believe that $3,600 could be the next realistic target.

Looking at the entire market from a broader perspective, the idiom "water rising boats" fits perfectly. The total market capitalization has already approached $3.25 trillion. Even more interesting is that market sentiment is clearly shifting. Previously, there was a pervasive atmosphere of "fear," but now it has noticeably turned to greed—this can be clearly seen from various market sentiment indices.

Behind this round of rally, there are actually several solid factors driving it:

**The macro environment shift is the most critical.** The latest release of the US core PCE data was relatively moderate, which further strengthened market expectations of the Federal Reserve cutting interest rates in 2026. If there is room for rate cuts, it is undoubtedly a major positive for non-traditional assets like Bitcoin. Look, even gold has hit a new all-time high, which itself indicates the market’s strong focus on rate cut expectations.

**Regulatory signals are also turning positive.** The US Senate is holding hearings for the important draft of the "Crypto Market Structure Act" (industry shorthand: CLARITY Act). This is no small matter. If this bill advances, it will clarify who is responsible for regulating the crypto market and how—whether it’s the SEC or CFTC, with clearer boundaries of authority. Establishing this regulatory framework is like giving the market a reassurance shot, ending years of regulatory ambiguity, and it has profound implications for the entire ecosystem’s development.

Multiple factors are stacking up, creating a combined force that is pushing the market higher. Support from macroeconomic conditions, favorable policies, and technical breakthroughs are all advancing together, which explains the current lively market situation. Of course, amid the rising enthusiasm, participants should also maintain a rational caution—history shows that the shift from greed back to fear can happen very quickly.