The crypto market continued its recent rally, with Bitcoin and most altcoins being in the green, as key metrics jumped.

Bitcoin (BTC) price jumped to $92,500, up by nearly 15% from its lowest level in November. Ethereum (ETH) remained solidly above the key resistance at $3,000, while the market capitalization of all tokens hit over $3.25 billion.

Crypto market rally continues as Fear and Greed Index jumps

The ongoing crypto price rally coincided with the exit of the Fear and Greed Index from the extreme greed zone. Data compiled by CoinMarketCap show that the index has risen from its November low of 10 to 42. It has reached its highest level since September.

The Crypto Fear and Greed Index looks at the sentiment in the industry by looking at several gauges. It looks at key data like the price momentum of Bitcoin and altcoins, volatility, action in the derivatives market, and the relative value of Bitcoin in the market. 

The index was inspired by a similar gauge developed by CNN Money. This gauge examines key metrics such as stock price strength, stock price breadth, put and call options, and market volatility. It has jumped from the extreme fear zone of 5 in November to 45 today. 

Futures open interest has rebounded 

The ongoing crypto market rally has also coincided with the rising futures open interest. Data compiled by Coinglass show that futures open interest rose 1.433% over the last 24 hours to over $140 billion, the highest level in over a month.

The rising open interest is bullish for cryptocurrencies as it signals that investors are applying leverage in their trades. Higher leverage often leads to more upside.

The open interest has been in a strong downward trend in the past few months after the events on October 10. Over 1.6 million traders were liquidated, losing over $20 billion after President Donald Trump threatened tariffs on Chinese gains.