As of 1:13 PM IST, Bitcoin rose 3.3% to $87,518, while Ethereum gained 3.4%, reaching $1,646. The global cryptocurrency market cap increased by 2.7%, reaching $2.75 trillion.
“Bitcoin has bounced back strongly, crossing $87,000 after dipping to $74,500 earlier this month. This came as hedge funds aggressively sold the dollar against major currencies, driving the DXY to 98.5, its lowest since April 2022 and down 10% in three months. A weaker dollar typically fuels risk-taking, and crypto markets are clearly benefiting,” said Riya Sehgal, Research Analyst, Delta Exchange.
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“Also, the move is backed by growing liquidity, steady ETF inflows, and continued institutional buying, like Strategy’s recent 3,459 BTC purchase,” she added.Himanshu Maradiya, Founder and Chairman of CIFDAQ, added, “Bitcoin now looks firmly bullish, with momentum indicating a potential move toward the $90,000-$94,000 range. A sustained breakout could signal broader market strength, attracting both institutional and retail investors.”
Also Read: Rich Dad Poor Dad author Robert Kiyosaki predicts Bitcoin will double to $200k by 2025Among altcoins, XRP gained 3%, Solana increased by 1%, Dogecoin rose 3%, Cardano climbed 3%, and Chainlink surged 5%. Meanwhile, Avalanche rose 4%, Toncoin increased by 2%, Shiba Inu gained 2.5%, Sui rose 6%, and Hedera surged 5%.Bitcoin’s market cap climbed to $1.737 trillion, with its dominance rising to 63.06%. Daily trading volume surged by 78.56%, reaching $25.58 billion. Stablecoins accounted for 92.88% of total crypto trading activity, totaling $61.5 billion, according to CoinMarketCap.
“Major altcoins have posted modest gains, with Ethereum reclaiming the $2,600 mark. Bitcoin’s dominance continues to strengthen above 63%. A reversal of this trend could trigger an altcoin season if Bitcoin maintains its position above $90,000,” said Vikram Subburaj, CEO of Giottus.
Also Read: Bitcoin was born out of the 2008 financial crisis, will die in the 2025 crisis, says Peter Schiff
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)