Recent data from financial visualization platform TradingView shows that the crypto market is currently experiencing a strong rally.

Bitcoin finally broke above the $20,000 price level on Tuesday, October 25. At time of writing, the largest cryptocurrency is trading at $20,235.75, up 4.06% in the last 24 hours, according to TradingView.

Other digital currencies are also higher, including Ether, which is showing extremely bullish sentiment. ETH has bounced 12% in the last 24 hours and more than 15% in the last 7 days.

BNB Coin is up 5% in the last 24 hours and is trading at $289.67. Cardano (ADA) continues to indicate extreme strength, trading at $0.4125, up 14% over the last 24 hours. Solana broke its negative trend from last week and gained 6% this week, $SOL is up 11% in the last 24 hours. Polkadot and Litecoin are showing bullish moves as they are both up 2% in the last 24 hours.

On Oct. 25, Bitcoin broke above the $20,000 mark as risk assets benefited from a slight weakening of the US dollar. The positive move came alongside the rise in US stocks, which in turn was fueled by the decline in the US dollar, which lost traction against the currencies of major trading partners during the day. The US dollar index, which measures the dollar against a basket of other currencies, was down about 1% on Tuesday night.

Bitcoin has been hovering around the $19,000 level where it has been holding for some time this month with a few momentary breakouts. The cryptocurrency saw its first move above the $20,000 mark on Oct. 7.

Michaël van de Poppe, founder and CEO of trading company Eight, spoke about the latest market development: “Finally, volatility will kick in”, but reacted “Bitcoin is ready for that relief run. Long and strong.

Bitcoin is more than 60% below its all-time high seen last November as the Federal Reserve has aggressively raised interest rates to combat inflation. But the Fed’s policy adjustments have taken the shine off risky assets like cryptocurrencies.

The crypto market has also been stalled by failed projects and high-profile bankruptcies that have been seen in the industry recently.

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