Top cryptocurrency assets started rising overnight after huge gains by Amazon. Increased confidence in tech stocks triggered a bullish cryptocurrency market. Keep in mind that the cryptocurrency space has tracked the tech market for the past few months.

Bitcoin recorded its biggest gain in four months as market participants showed a rebirth of risk appetite after a tumultuous week for the financial sector. The world's largest cryptocurrency rose 10 percent to $40,730. It also moved slightly higher, changing hands near $41,440 in this publication. That translates into the highest gain since October 1. Keep in mind that bitcoin has been below $40,000 for more than 14 days.

Bullish on BTC and ALT

Bullish action from BTC sent the alt market higher. Ether rose nearly 12%. In addition, Solana's native token, SOL, has been successful in the dip triggered by the wormhole hack. SOL is up over 11% in the last 24 hours.

Top cryptocurrencies started rising overnight after impressive earnings from Amazon boosted confidence in tech stocks, a market tracked by cryptocurrency trends over the past few months. On the other hand, a report highlighted that U.S. employers extended hiring hours in January. This is unrelated to the sharp rise in COVID-19 cases and related business closures. Meanwhile, soaring wages have increased pressure on the Federal Reserve to raise interest rates.

Matt Maley, chief market strategist at Miller Tabak, said Amazon's removal of FB while following the performance of GOOGL, MSFT and AAPL has boosted investor confidence in reinvesting in risk assets.

Stephane Ouellette, co-founder and CEO of FRNT Financial, said BTC appears to be integrating the 200-day average like a stock. Ouellette added that Bitcoin had mimicked BTC's two-day plunge before correlating with Amazon's Friday rally.

While Bitcoin has seen significant gains recently from a technical perspective, the CEO advised market participants to remain patient until it breaks above $40,000 and $41,000.

Saul rising

Cryptocurrencies have been stuck in a range for the past few weeks after a widespread plunge in January. Downward pressure followed as stocks and other risk assets plummeted on fears of an impending Fed rise and a global trend toward tighter fiscal policy. Meanwhile, Solana began taking profits after Wormhole recovered $325 stolen following a hack. The bullish outlook in the cryptocurrency space supported SOL's rise.