Bitcoin rises past $72,000, outperforming stocks despite a stronger U.S. dollar.

Bitcoin Tops $72K as Crypto Rally Broadens Despite Stronger Dollar

Bitcoin climbed above $72,000 during European trading hours on Friday, rising roughly 2% since midnight UTC and outperforming U.S. equity markets even as the dollar strengthened.

The rally came while Nasdaq-100 and S&P 500 futures slipped earlier in Asian trading before later recovering into positive territory. Meanwhile, the U.S. Dollar Index (DXY) pushed above 100, a level that typically pressures risk assets such as equities and cryptocurrencies.

Despite that backdrop, the crypto market showed broad strength. The CoinDesk 20 Index (CD20) rose about 1.1% since midnight, reflecting gains across several major tokens.

A decisive move above $74,000 — a level bitcoin has struggled to clear recently — could open the door for a push toward the $80,000 region. Failing that, the cryptocurrency may continue trading within the range that has persisted since early February.

Geopolitical tensions remained elevated, with reports of new strikes in Tehran and Dubai as the conflict involving Iran continued. Oil prices remained near $100 per barrel, underscoring ongoing global market uncertainty.

Derivatives positioning

Activity in the derivatives market increased notably over the past day. Total crypto futures open interest (OI) climbed 5% to $107.6 billion, suggesting fresh capital entering the market even as traditional financial markets face turbulence.

Bitcoin futures open interest rose to 687,200 BTC, its highest level since Feb. 25, while ether’s open interest increased to 13.72 million ETH, the most since Jan. 30. Positive perpetual funding rates and cumulative volume deltas for both assets point to a growing bias toward bullish positioning.

In XRP, open interest jumped nearly 10% to $1.86 billion, the highest level since Feb. 6, alongside positive funding rates that signal renewed bullish bets. Futures markets tied to SOL, ADA, and SUI also recorded notable increases in open interest.

At the same time, bitcoin’s 30-day implied volatility index (BVIV) fell to a two-week low of 55%, suggesting calmer conditions that may support continued gains in spot prices. Ether’s volatility has also declined, even as volatility in the U.S. Treasury market remains elevated.

Options activity on Deribit shows bitcoin put options still trading at a premium to calls, indicating ongoing demand for downside protection. In contrast, the premium on long-dated ether puts has largely disappeared, hinting at improving bullish sentiment. Large trades included bitcoin put spreads and ether call spreads.

Token talk

Altcoins also participated in Friday’s rally. The TRUMP memecoin surged more than 30% in 24 hours after organizers announced a planned “gala luncheon” with Donald Trump for the top 297 token holders.

Artificial intelligence-linked tokens were also strong performers. Bittensor (TAO) and Artificial Super Intelligence Alliance (FET) both jumped about 14% as traders positioned for a potential broader market breakout.

The CoinMarketCap Altcoin Season Index rose to 40/100, its highest level since Jan. 9.

Among sector benchmarks, CoinDesk’s Computing Select Index (CPUS) led the market with a 6.5% gain over the past day. The CoinDesk Memecoin Index (CDMEME) and DeFi Select Index (DFX) followed, rising 4% and 3.7%, respectively.

One underperformer was Canton (CC), the token tied to an institutional-focused layer-1 network. It declined about 4% on the day, extending its monthly loss to roughly 11%.