In a notable development, the cryptocurrency market added about $70 billion to its market value, driven by a strong rise in the price of Bitcoin, which exceeded a rise of $4,000 in less than 12 hours.
Bitcoin started May with a strong performance, rising from $93,500 on April 30 to over $97,000 the next day, then continuing its ascent to reach $98,000 on Friday, its highest level in over two months.
However, this momentum did not last long, as the coin experienced a decline to $93,500 by Monday and Tuesday, with a loss of about $5,000.
The recent volatility in the price of Bitcoin came against the backdrop of news about an upcoming meeting between the United States and China in Switzerland to discuss reciprocal tariffs, which directly affected market sentiment.
Bitcoin responded quickly, rising from its lowest levels to over $97,600 within hours, before stabilizing near the $97,000 level, achieving daily gains estimated at about 3%.
In this context, the market capitalization of Bitcoin reached nearly $1.930 trillion, with a dominance exceeding 62% over alternative cryptocurrencies.
As for alternative cryptocurrencies, Litecoin (LTC) recorded a notable recovery after a decline of 8% following the announcement by the U.S. Securities and Exchange Commission to postpone the decision on the related trading fund request.
Within 24 hours, the price of LTC increased by 13% to exceed $92.
The HYPE coin also witnessed a rise of 6%, surpassing the $21 barrier, while other coins such as CRO, AAVE, SUI, LINK, DOGE, ADA, BCH, and HBAR recorded remarkable positive performance.
As a result of these movements, the total market capitalization of cryptocurrencies rose to exceed $3.1 trillion, reflecting a clear improvement in investor confidence towards the crypto market.
