Crypto Markets Today: Market Rallies, Altcoins Lead Gains; Zcash Hits 16-Month High

Crypto markets saw significant movement as Bitcoin and Ethereum rose nearly 3%, but the spotlight was on altcoins, which experienced double-digit gains. Notably, Zcash soared 41% to its highest price since May 2022, driven by high trading volumes. The U.S. government's impending shutdown weakened the dollar and lifted gold prices, creating a more favorable environment for cryptocurrencies. A bullish sentiment is evident in the futures and options markets, with high open interest and a shift towards bullish speculation. However, there are signs that markets may be approaching overbought territory, indicating a potential need for consolidation. Meanwhile, several DeFi tokens also posted significant gains amidst the overall market uptick, reflecting a strengthening altcoin season. Despite this bullish outlook, caution is advisable as some indicators suggest traders remain wary of potential downturns due to overextension in current market conditions.

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