Bitcoin, the leading cryptocurrency by market capitalization, has made a remarkable 27% gain this month, marking its most significant monthly percentage increase since January.
The positive momentum doesn't stop at Bitcoin alone, as various alternative cryptocurrencies are following suit. This trend is corroborated by the market breadth indicator from ByteTree, a data provider. This indicator assesses the number of digital assets advancing compared to those declining.
The CryptoCompare-powered indicator constantly monitors data for over 5,300 digital currencies and categorizes tokens according to their market trends on a scale of 1 to 5. A rating of 5 signifies a robust uptrend, while zero indicates a strong downtrend.
As of the latest data, only 4.7% of tokens are in a strong downtrend, the lowest level since January. This demonstrates a notable expansion in market breadth, signifying increased participation in the Bitcoin rally.
The broadening market depth is a positive sign, reflecting a growing investor appetite for risk and suggesting that the current bullish momentum is more robust and sustainable.
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