The crypto market was a sea of green early Wednesday, with altcoins including OKB, PUMP, BNSOL, JITOSOL and SOL chalking out double-digit gains alongside ether's rapid surge toward record highs.

"Bitcoin rose by a modest 0.4% during the day and remains 2% below the levels of 30 days ago — clear evidence of the market's switch to altcoin-mode," Alex Kuptsikevich, the chief market analyst at the FxPro said.

"We suspect that investors are selling the first cryptocurrency to finance purchases of altcoins. And it is hardly reasonable to talk about a reversal in sentiment, given the rally in altcoins and the historic highs of the S&P 500 and Nikkei 225," he said.

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