Bitcoin’s price surged past $96,000, marking a significant recovery for the cryptocurrency as it nears $100,000. Ether outperformed Bitcoin with greater gains. The total crypto market cap also surpassed $3 trillion, reflecting a general stability among various altcoins. However, some memecoins are facing losses amid positive trends.
Bitcoin made a noteworthy leap on Friday, crossing the $96,000 threshold for the first time since March. In the last 24 hours, its price surged nearly four percent to reach $96,845 on global exchanges, while Indian platforms reported a similar uptick, showing $96,820. This surge suggests a budding recovery as investors eye the $100,000 mark.
Ether, Bitcoin’s closest competitor, outpaced it with even larger gains during the same period. This altcoin traded at $1,836 internationally, representing a four percent increase. On Indian exchanges, it’s priced at $1,857, reflecting the significant momentum in the crypto market.
Analysts are optimistic about Bitcoin’s recent performance, as it decisively passed the $96,000 mark. The potential for a Federal Reserve interest rate cut in June seems to embolden investors, moving from a 57 percent likelihood to 60 percent. “The upcoming jobs report could further shape market sentiment,” remarked Edul Patel, Mudrex’s Co-founder and CEO. Meanwhile, Ethereum holding above $1,800 is contributing positively to overall market sentiment, stated Himanshu Maradiya, the Founder of CIFDAQ.
A wider glance at altcoins shows that many are capitalising on Bitcoin’s momentum. According to crypto price tracker Gadgets 360, various coins such as Binance Coin, Solana, and Dogecoin enjoyed price increases. Other notable mentions include Chainlink and Avalanche, suggesting a strong performance across the board.
Interestingly, some popular tokens like Stellar and Shiba Inu also showed impressive gains on Friday. The CoinDCX research team noted, “The entire market displays stability, especially with all top 10 tokens trading positively.”
On a broader scale, the total crypto market cap climbed to an impressive $3 trillion for the first time in over a month, with the current valuation now at $3.02 trillion. This represents nearly a two percent increase, as reported by CoinMarketCap.
However, not all tokens fared well, as Tether, Tron, and Uniswap faced declines. “Several memecoins such as Pudgy Penguins and Fartcoin are experiencing losses as well,” the CoinDCX team highlighted, showing the varied performance in the market.
It’s crucial to remember that cryptocurrency remains an unregulated digital currency, not classified as legal tender, and comes with its share of market risks. This article does not constitute financial advice, and NDTV is not liable for any losses incurred through investment decisions based on this information. Automated links may be present; please refer to our ethics statement for more details.
