Bitcoin (BTC) is on the cusp of breaching the $100,000 mark for the first time since February, fueled by renewed optimism potentially stemming from positive developments in international trade discussions. The leading cryptocurrency reached a multi-month peak just shy of this significant psychological barrier.
The broader cryptocurrency market also experienced a surge, with Ethereum (ETH) breaking past the $1,900 level, marking its highest point in over a month.
A month prior, Bitcoin’s price had sharply declined to below $75,000 amidst escalating global tensions. However, as geopolitical concerns eased, BTC initiated a strong recovery, adding $20,000 in value within a couple of weeks. After encountering resistance at $98,000 last week and subsequently dipping below $94,000, Bitcoin demonstrated resilience. It successfully rebounded, reclaiming the $96,000 level, which now acts as resistance. Despite the Federal Reserve’s decision to maintain interest rates, Bitcoin’s upward trajectory continued over the past 24 hours, possibly influenced by encouraging statements from the US President regarding ongoing Trade War discussions and upcoming negotiations.
Currently trading just below $100,000, Bitcoin’s market capitalization has climbed to $1.980 trillion. Notably, its dominance over the altcoin market has slightly decreased to under 62%, according to CoinGecko.
Ethereum has finally overcome a key resistance level at $1,850, reaching a monthly high above $1,900. While ETH has faced challenges against Bitcoin and the US dollar in recent months, its recent performance signals renewed strength.
Across the altcoin market, a majority of assets recorded gains. XRP, SOL, ADA, TRX, AVAX, and XLM saw increases in the range of 2-4%. Dogecoin (DOGE), Chainlink (LINK), and Sui (SUI) exhibited more substantial gains, rising by up to 7.5%. Leading the pack were Bitcoin Cash (BCH) and Pepe (PEPE), which registered double-digit price surges of 11% and 12.5%, respectively.
The total cryptocurrency market capitalization has witnessed a significant increase of nearly $100 billion in the past day, reaching $3.2 trillion on CoinGecko, underscoring the current bullish sentiment across the digital asset space.
