Bitcoin’s price has surged to a 70-day high, reaching $97,431, thanks to support from Michael Saylor’s MicroStrategy, which plans to raise $21 billion for BTC purchases. Meanwhile, the overall cryptocurrency market cap crossed $3.1 trillion, although altcoins show signs of weakening despite BTC’s rally. Amidst other market activities, Bitcoin ETFs have seen substantial inflows, with Tether expanding into real-world infrastructure by acquiring a significant stake in Adecoagro.
In a notable surge for cryptocurrencies, Bitcoin (BTC) recently hit a 70-day peak of $97,431, as seen on Friday. This price jump has helped elevate the overall cryptocurrency market cap above $3.1 trillion, marking the highest total since March of this year. Leading this movement are significant factors like Michael Saylor’s strategy with MicroStrategy, which is raising $21 billion to boost BTC purchases in the coming quarter.
However, alongside Bitcoin’s rally, the altcoin market displays some mixed signals. Despite BTC exceeding $97,000, the cryptocurrency aggregate market cap dipped by 1.4% early Friday, hinting at a lack of risk appetite in the altcoin space. Meanwhile, bullish developments in partnerships from TON and the launch of 21 Shares’ spot SUI ETF might affect liquidity and interest in altcoins as the day progresses, though outcomes remain uncertain.
Bitcoin’s recent performance has just been remarkable; it finally broke the $97,000 barrier after several attempts at overcoming the $95,000 resistance level earlier in the week. According to Coingecko, BTC peaked at $97,431 before stabilising above $96,500. With impressive trading volumes of $24 billion over the last day, buyers seem eager to step in, reinforcing a growing support cluster above previous rejection points.
Several factors are pushing BTC’s upward movement today. This week saw a weak labour market report, alongside unprecedented demand for ETFs and Arizona State’s move to establish the first Bitcoin ETF reserve. Additionally, the previous week’s highlights included Saylor’s announcement for Q2 BTC purchases, which further added momentum.
On the ETF front, by Thursday, there was a noticeable uptick, with Bitcoin ETFs accumulating $422 million in inflows after a streak of $4 billion over eight days. Although $54 million left the market that same day raised eyebrows over potential sell-offs, Friday saw fresh buying activity, particularly with BlackRock’s IBIT and Grayscale’s GBTC leading the charge.
Meanwhile, in the altcoin arena, some mid-cap assets are surging with StakeStone, SUI, and Vanar Chain leading the pack. StakeStone has jumped a striking 31% to $0.173 owing to new DeFi activities. Similarly, SUI is up 6.2% to $3.45, buoyed by the momentum from 21 Shares’ ETF filing. Vanar Chain has also made waves, leaping 36.4% due to a major gaming partnership.
On another note, The Blockchain Group (TBG) has major expansion plans, aiming to acquire up to 260,000 BTC by 2034. This goal reflects an ambitious strategy to secure a chunk of Bitcoin’s total output. TBG transitioned into a Bitcoin Treasury firm in late 2024 and significantly increased its holdings since then, now boasting 620 BTC.
However, it’s not smooth sailing for everyone. Movement Labs recently suspended its co-founder Rushi Manche amid a governance investigation. They’re under scrutiny due to alleged token manipulation, which comes on the heel of Coinbase’s decision to delist the MOVE token over standard compliance issues, dropping its value to an all-time low.
In a distinct but related foray, Tether has taken a bold move by acquiring a 70% stake in Adecoagro, marking a shift towards real-world infrastructure investments, moving beyond just stablecoins. Tether’s majority ownership reinforces its ambition in sectors like agriculture and energy, aiming for growth in renewable resources.
Asian markets are undoubtedly watching these developments closely. Risks remain high with investment considerations, and though the market shows some optimism, there are still hurdles due to regulatory scrutiny and inherent volatility. Investors are advised to tread carefully, given the challenging landscape of the cryptocurrency space right now.
