Has Bitcoin's Rebound Begun? Is the Altcoin Bull Market Returning?

▲ Cryptocurrency ©

The cryptocurrency market is quietly but steadily continuing its upward trend, once again raising expectations for a bull market. In particular, with Bitcoin (BTC) recovering the $78,000 level, highly volatile altcoins such as Zcash (ZEC), Dash (DASH), and Toncoin (TON) appear to be leading the market rebound.

According to investment media FXStreet on May 21 (local time), the total cryptocurrency market capitalization rose by approximately 1.3% from the previous day to $2.59 trillion. The analysis suggests that as the US stock market showed a rebound, risk asset preference revived, and the cryptocurrency market also successfully rebounded near the 50-day moving average. The media evaluated that this trend could potentially be the start of a mid-term rally similar to that of April.

The current major resistance levels for the market are presented at $2.7 trillion and $2.8 trillion, corresponding to the previous high and the 200-day moving average, respectively. By asset, Zcash showed the strongest performance, surging about 14% in one day, while Dash rose about 8%, and Toncoin about 6.3%. In contrast, Hedera (HBAR) rose only 0.1%, Ethereum Classic (ETC) 0.2%, and Cardano (ADA) 0.4%. The media analyzed that even assets with small gains maintaining a positive trend is a sign of widespread buying across the market.

Bitcoin has been trading around the $78,000 level, rising for three consecutive trading days after rebounding near the 50-day moving average and its previous low. However, some evaluations suggest that this rebound is still a cautious trend. The media explained that currently, individual investor funds are moving into altcoins, while institutional investors are reducing their ETF holdings and shifting funds to large-cap tech stocks amid a relatively decreasing trading volume market environment.

Zcash surged to $688 that day, breaking its early-month high, and its price re-entered the high range of November 2025. Although it gave back about half of its gains during the correction period from May 9 to 16, the media assessed this as a common trend in a volatile market. The next target price, based on the Fibonacci extension levels, is approximately $840, which is close to the highest level recorded in early 2018. The media analyzed that historically, Zcash tended to surge near the peak of the cryptocurrency market, but this rally is moving differently from previous patterns.

Meanwhile, US President Donald Trump signed an executive order to integrate cryptocurrencies into the traditional financial system and reform regulations for crypto companies' access to payment infrastructure. Related innovation support measures are planned to be promoted over the next 180 days. According to DefiLlama, the total stablecoin market capitalization surpassed an all-time high of $323 billion, with Tether (USDT) and USD Coin (USDC) accounting for approximately 59% and 24% respectively. Additionally, BNB Chain developers released test results for post-quantum cryptography technology, confirming its potential to counter future security threats, but also revealed issues with network performance degradation.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*