The mood in the virtual asset market is changing rapidly. As Bitcoin continues its rebound, an indicator of investor sentiment remains in the 'greed' zone, and with some altcoins posting larger gains, market attention is broadening beyond Bitcoin.

■ Greed Index at 68… Investor Sentiment Tilts Toward 'Risk Appetite'

According to CoinMarketCap (CMC) data on the 18th, the Crypto Fear & Greed Index recorded 68. This means market participants' sentiment is leaning toward favoring risk assets rather than shrinking back. The index quantifies market sentiment by combining data such as price movements, volatility, and the derivatives market.

The overall size of the virtual asset market has also grown. Total market capitalization was tallied at around $2.68 trillion. Dominance, which measures Bitcoin's share of the market, remains high at the 58% level.

■ Bitcoin Recovers $78,000… HYPE Up 11%, ZEC 8%, SOL 6%

What draws attention is that this is not a market driven by Bitcoin alone. As Bitcoin recovered to around $78,000, some altcoins showed even bigger moves.

According to CoinDesk data, Hyperliquid (HYPE) rose more than 11%, Zcash (ZEC) climbed about 8%, and Solana (SOL) gained about 6%. XRP and Ethereum also joined the upward trend. With moves in some altcoins such as NEAR also strengthening, market eyes are shifting to the breadth of buying.

■ More Confirmation Needed to Declare 'Altcoin Season'

The key question is whether funds concentrated in Bitcoin will spread across various altcoins. However, strength in only some coins is not enough to judge that the market as a whole has entered a so-called 'altcoin season.' Indicators used to determine altcoin season differ by institution in constituent assets, calculation methods, and thresholds, making it difficult to characterize the market phase based on a single indicator.

■ Leverage Liquidation Risk Must Also Be Watched

The rapid revival of investor sentiment is also notable. The Fear & Greed Index being in the greed zone can be seen as a signal that investor sentiment toward risk assets has improved, but if market expectations tilt heavily to one side in a short period, price swings can widen as well. In particular, with leveraged trading increasing, sharp price moves could trigger position liquidations that in turn amplify volatility. This is why the uptrend itself and whether the market is overheating must be examined together.

■ Key Points to Watch Ahead

Going forward, the market's focus is expected to be on whether Bitcoin maintains its current rebound and whether altcoin strength extends beyond a handful of coins to a broader range. Whether Bitcoin dominance declines while trading volumes and prices of major altcoins rise together will also be a key indicator for tracking flows into altcoins. For now, the market's defining feature is that with sentiment moving into the greed zone, Bitcoin and altcoins have begun moving together.

[The virtual asset market is highly volatile, and related indicators may vary depending on the time of data collection and the institution. This article is not a recommendation to invest in any specific virtual asset, and the final judgment on investments and the responsibility for it lie with the investor. This article was partially assisted by AI in the writing process.]