Crypto Market’s Bullish Rally – Aptos & OP Hitting Their New ATH

• At press time, the global crypto market hovers above $1 trillion.
• Axie Infinity ($AXS) tops the gainers’ charts with a 42% price surge in the last 24h.

Despite the untested bullish rally, some cryptocurrencies have surprisingly recorded and set their new all-time highs ($ATH) at the start of 2023. Significantly, Aptos ($APT) and Optimism (OP) are the cryptos that have contributed their new records to the market’s positive sentiment. According to Coingecko, on January 22, $APT set its new $ATH at $14.47 and OP at $2.46.

Notably, Aptos ($APT), a native L1 proof-of-stake (PoS) cryptocurrency, holds a track of being one of the cryptos that attained significant surges in the initial launch days. Previously, $APT recorded its first $ATH at $13.73. This cryptocurrency was created and launched by former Meta engineers in mid-October 2022.

Besides $APT and OP, Axie Infinity ($AXS) established itself as the top gainer of the day and recorded its 3-month high. The price of $AXS had its 42% spike in the last 24 hours. Also, Osmosis (OSMO), Flow (FLOW), and STEPN (GMT) exhibited a price surge of over 15% in a day.

Crypto Market’s Short-Term Bull Rally Confirmed?

Last week, the market bulls boosted the dominant cryptocurrency, Bitcoin ($BTC), to attain its 90-day high at the $23,000 level. At the time of writing, as per Coingecko, $BTC traded at $22,789. Similarly, various other altcoins exhibited price surges. Altogether, this brief bullish trend influenced a hike in the crypto market’s value. Even so, traders and crypto analysts are keenly analyzing if it is just a false breakout. On Crypto Twitter, the community regards this as a bullish “fake out rally.”

Global Crypto Market Cap (Source: TradingView)

As per the data depicted in the above chart, the global crypto market laid a falling wedge pattern. Wedge patterns, in general, show up and indicate a trend reversal. Particularly, a falling wedge pattern signals a bullish reversal. The crypto market cap recorded a notable breakout and confirmed an uptrend.

Also, according to the chart, the crypto market faced rejection near the $1.033 trillion resistance level. However, its overall market capitalization surpassed the 200-day moving average (200MA) in the second week of January and continues to hover above it at press time. Thus, advocating for a possible bullish rally.