Bitcoin climbed 3.1% to $108,600, approaching its all-time high, while the CoinDesk 20 index rose 4.3% on strong performances from XRP and Chainlink’s LINK, which jumped 6–7%. The broader crypto rally was fueled by JPMorgan’s trademark filing for a digital asset platform and Purpose’s planned XRP ETF launch in Canada.
Risk appetite also returned to traditional markets, with the S&P 500 and Nasdaq rising 0.9% and 1.4%, while gold fell 1.5%. Crypto stocks surged—Coinbase and Circle gained 7.7% and 13%, and miners like Bitdeer and Hut 8 added over 5%. Metaplanet soared 25% in Japan, while MicroStrategy dipped slightly.
Despite altcoins' recent gains, analysts say Bitcoin remains the key market driver. According to Nansen’s Nicolai Søndergaard, altcoin rallies tend to follow BTC’s lead and lack sustained momentum. Most alts, he notes, have continued to struggle overall.
Bitfinex analysts pointed to signs of a market bottom last week, as fear surged and aggressive selling led to liquidations. If Bitcoin holds the $102K–$103K zone, a broader recovery may follow.
All eyes now turn to the Federal Reserve’s upcoming decision and Fed Chair Jerome Powell’s comments on inflation and the labor market at the next FOMC meeting.
