Bitcoin’s late-night spike fuels broad altcoin rally: Crypto Markets Today

CoinDesk

by Oliver Knight

February 25, 2026

AI-Generated Deep Dive Summary

Bitcoin experienced a late-night surge of up to 3.7%, reaching $65,857 before trimming gains to settle at around $65,600—a 2.4% increase since midnight. This upward movement, though tempered, occurred within its three-week price range and coincided with a broader altcoin rally. The altcoin market saw strong performances across various tokens, with VIRTUAL leading the pack with a 15.5% surge overnight and over 20% in the past 24 hours. Other notable gains included ETHFI climbing more than 10% following hints of potential stablecoin integration, while Morpho’s token rose nearly 15% in the last day. The broader crypto market showed signs of recovery as it rebounded from oversold levels. The average crypto RSI moved out of oversold territory into a neutral zone, suggesting a period of consolidation ahead. Derivatives data indicated a shift in investor sentiment, with cumulative futures open interest rising to $93.5 billion, though much of this growth stemmed from price appreciation rather than new capital inflows. Bitcoin’s implied volatility index dropped to 56%, signaling market calm and supporting the ongoing recovery. However, bearish bets on Bitcoin and Ethereum options remained more expensive than bullish ones, reflecting lingering downside concerns. The altcoin season indicator reached its highest level since early January, underscoring a strong rally across various tokens. Layer-1 projects like Solana (SOL) and Cardano (ADA) each gained 4.5%, while virtual asset-focused tokens such as VIRTUAL and ETHFI outperformed with gains exceeding 10%. Meanwhile, toncoin (TON) and pippin (PIPPIN), which had seen earlier gains, dropped over the past day, highlighting ongoing asset rotation among traders. The market’s speculative risk appetite was further evidenced by a nearly 4% rise in silver prices and higher equity futures. However, some gold-linked assets like tethered gold (XAUT) saw open interest decline by

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Originally published on CoinDesk on 2/25/2026