The world of crypto had just seen an unprecedented market high, with Bitcoin hitting the $100k mark, and Ethereum going over $2200. This increase comes on the heels of a favorable U.S.-UK trade deal brokered by the Trump administration, infusing hope into U.S. markets. The bullish rally has resulted in huge two-digit gains in most cryptocurrencies, forcing out nearly $800 million in short trades since last week.

With volatility pursuing record-high Bitcoin price quickly crested the $104,000 barrier before retracing towards that magic $102,675.77 figure being where it presently sits (+4.81%). Bitcoin’s trading volume spiked over 59% in the past 24 hours. Ethereum was able to land a remarkable profit of 20.05%, getting up to a value of $2,195.20. This momentum propelled it above $2,200 for the first time ever in more than two months after spending weeks trading sideways in the $1,800 range.

Other cryptocurrencies gained during the rise as bear market sentiment continued to wane. Eos, which hopped on the AI bandwagon, surged 16.78%, hitting $0.8168, while Stacks jumped 9.62% to $0.892. Zcash was up 5.10%, at $40.32, and Dogecoin was up 10.98% at $0.1948. The total crypto market cap increased by 6.91% to $3.22 trillion in the past 24 hours.

"Reclaim ~$2200 and Ethereum will resynchronise with its $2200-$3900 macro range," - Rekt Capital

Analysts caution against excessive exuberance. Santiment recently pointed out the dangers of retail FOMO.

"On one hand, retail FOMO can add a bit of extra fuel to this rally as major media outlets spam Bitcoin’s 3-month milestone and bring in many new entries to the space. On the other hand, we typically see rallies put on the brakes when there is an overwhelming amount of calls related to ‘higher’ or ‘above,’" - Santiment