Entering 2026, the cryptocurrency market has started off well. Bitcoin and Ethereum, the two main mainstream coins, have each gained 4.7% and 10% respectively within just one week. The meme coin that serves as a barometer of retail investor sentiment, Dogecoin, performed even more strongly, soaring over 20%. Such strong buying pressure indicates that investors' risk appetite has indeed returned.

The question is: how far can this rally go? Is it a fleeting moment or a genuine sign of a rebound? Recent research reports from industry analysis agencies provide an answer — to break new all-time highs this year, the crypto market must pass the "Three Major Tests."

The first and most critical hurdle: does the market still have "bombs"?

Last October, the crypto market experienced a bloodbath, with $19 billion worth of futures contracts liquidated in a single day. At that time, many feared that large market makers and hedge funds would be forced to sell assets, triggering a chain reaction of declines.

However, from the current situation, this panic seems to have eased. If there had been large-scale liquidation pressure, it should have surfaced by the end of last year. Now that so much time has passed and the market remains stable, it suggests that the main risk exposures may have already been absorbed. This hurdle, the market has basically cleared.