Crypto market rally: Why BTC and altcoins like Ethena, Injective,VeChain are rising

A crypto market rally is happening today, September 19, with Bitcoin and top altcoins like Ethena ($ENA), Injective ($INJ), and VeChain ($VET) rising by double digits. The market capitalization of all coins jumped by 4% in the last 24 hours to $2.78 trillion. This article explores some of the top reasons behind the cryptocurrency market rally.

Crypto market rally is happening as Bitcoin crosses $81k

One of the main reasons behind the ongoing crypto market rally is that Bitcoin has staged a strong comeback and moved above the key resistance level of $80,000. This rally is mostly because of its role as a safe-haven asset amid the ongoing US public debt surge. The debt jumped to $40 trillion and is continuing its uptrend.

Bitcoin has unique characteristics that make it a safe-haven asset, including its supply cap of 21 million coins and the fact that it has never experienced a hack in the last 17 years of its inception. Some investors see it as the digital version of gold.

Further, there are signs that investors have embraced a risk-on sentiment in the market, with the Crypto Fear and Greed Index remaining in the greed zone of 73. It has remained above this level in the past month, the longest streak this year. In most cases, investors tend to pile into digital coins whenever a sense of greed is in the market.