Bitcoin recorded one of its best trading days in nearly two months, boosting market sentiment and capital deployments.

According to recent data, six cryptocurrencies posted double-digit price gains as Bitcoin (BTC) surged past $66,000 in the last 24 hours, growing over 6% on May 15.

At press time, data indicated that Fantom (FTM), Sei (SEI), Immutable (IMX), Core (CORE), THORChain (RUNE), and Sui (SUI) each boasted increases of more than 10% in token price.

Following Bitcoin’s break above current levels, analysts highlighted signals that may indicate bullish momentum for risk assets and the cryptocurrency market.

Encouraging economic data from the U.S. Federal Reserve suggests that inflation concerns have been contained. After this news, there were sizable buys for $100,000 to $120,000 call options scheduled to expire in December.

Additionally, multiple institutions have disclosed holdings in spot Bitcoin ETFs. This development could catalyze further crypto market movements, as the BTC supply has been reduced by 50% since last month.

“Institutional demand for BTC continues to grow with large asset managers investing approximately 3% and 2% of their AUM into the BTC spot ETF,” researchers noted.

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