#MarketRebound When it comes to predicting the direction of movement for the overall cryptocurrency market, most investors simply take a look at the price action of Bitcoin (CRYPTO: BTC) on a given day. Given that Bitcoin is the world's largest digital asset and accounts for more than 57% of the overall market capitalization of all crypto tokens, that view makes sense.So, when Bitcoin surges 7.7% over the past 24 hours (as of 4:30 p.m. ET), the market is expected to be up by roughly the same amount. As it happens, that's indeed the case, with the overall market capitalization of all digital currencies surging by 7.5% over the same time frame.

So, there do appear to be key fundamental drivers of today's move-it's not just sentiment improvement this time. I'll be watching Bitcoin's daily price movements closely from here on out, given its importance as a broader risk gauge. For now, investors appear to be breathing a lot easier after some consolidation in the low-60,000 range, with Bitcoin moving quickly back toward the $70,000 level at the time of writing.