Bitcoin Reaches $87,500 Amidst Altcoin Gains

Bitcoin rebounded to $87,500, showing a 3% increase influenced by a weakening US dollar. Other cryptocurrencies, such as Chainlink and Sui, also reported gains. Bitcoin’s market cap is now $1.737 trillion, with a 63.06% dominance in the cryptocurrency market, and trading volume increased significantly.

Bitcoin has seen a notable increase of 3% today, reaching $87,500 after previously falling to $74,500 at the beginning of the month. This rise is attributed to hedge funds selling the dollar against major currencies, resulting in the DXY index dropping to 98.5, the lowest since April 2022. A weaker dollar often encourages risk-taking in markets, benefiting cryptocurrencies significantly, as stated by Riya Sehgal, a Research Analyst at Delta Exchange.

In the altcoin market, several notable gains have been observed: XRP increased by 3%, Solana by 1%, and Dogecoin by 3%. Cardano also climbed by 3%, while Chainlink exhibited a strong performance, surging 5%. Other currencies saw similar increases, with Avalanche up 4%, Toncoin rising by 2%, Sui gaining 6%, and Hedera climbing 5%.

Currently, Bitcoin’s market capitalisation stands at $1.737 trillion, with its dominance in the market reaching 63.06%. The daily trading volume has surged by 78.56% to $25.58 billion. Notably, stablecoins represented 92.88% of total crypto trading activity, amounting to $61.5 billion, as reported by CoinMarketCap.

Major altcoins have shown modest improvements alongside Bitcoin’s rise, with Ethereum regaining the $2,600 mark. Bitcoin’s strengthening dominance above 63% could potentially trigger an altcoin season if it maintains its position above $90,000, according to Vikram Subburaj, CEO of Giottus.