The crypto market is on a strong upswing, with Bitcoin $BTC (BTC) nearing $106,000 and Ethereum$ETH (ETH) jumping over 8% to trade above $2,900. This comes despite negative news in traditional markets, including a U.S. credit rating downgrade by Moodyâs, which pushed stocks and gold lower.
Unlike equities and gold â both of which dropped after the downgrade â crypto prices held firm and even gained. Bitcoin briefly hit $107,000 over the weekend before pulling back slightly. Experts say strong demand from institutions and steady inflows into Bitcoin ETFs are helping keep prices up.
Ethereumâs recent rally is linked to positive sentiment around its latest upgrade (Pectra) and growing interest in staking. Other top coins like Solana (SOL), XRP$XRP , BNB, and Dogecoin (DOGE) also saw modest gains between 2% and 4%.
Meanwhile, AAVE, the token of the Aave lending protocol, soared over 25%. However, this jump appears to be driven by hype, not any major news or updates.
Interestingly, Bitcoin is moving differently from gold, which usually performs similarly in times of economic uncertainty. Experts say this change may offer new trading opportunities as Bitcoin begins to stand out more clearly as a unique asset.
In short, crypto bulls are back in charge â and the marketâs strength is catching attention.