Cryptocurrency Market Update: Bitcoin Surges Beyond $87,000 on April 21

On April 21, the cryptocurrency market saw Bitcoin exceed $87,000, pushing the total market cap to $2.74 trillion. Notable altcoins like Ethereum and Dogecoin gained value, while Stacks became the top gainer with a 9.37% rise. Conversely, Story (IP) led the losses at 4.06%. Analysts highlighted increasing institutional interest and macroeconomic influences affecting Bitcoin’s status as a safe haven asset.

On April 21, the global cryptocurrency market cap reached $2.74 trillion, reflecting a 1.73% increase. Bitcoin (BTC), the leading cryptocurrency, surpassed the $87,000 mark, closing at $87,385.18. Other altcoins such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC) also showed positive trends. The Market Fear & Greed Index was reported at 34 (Fear) based on CoinMarketCap data, with Stacks (STX) noted as the leading gainer, climbing nearly 10%. Meanwhile, Story (IP) recorded the largest decline, down approximately 4% for consecutive days.

Bitcoin’s price exhibited a 24-hour increase of 2.59%. Data from Indian exchanges listed Bitcoin’s price at Rs 73.34 lakh. Ethereum was priced at $1,640.58 (Rs 1.38 lakh), reflecting a 1.64% gain. Dogecoin (DOGE) saw an increase of 1.33%, reaching $0.1610 (Rs 13.24), while Litecoin (LTC) surged by 2.88% to $78.85 (Rs 6,727.30). Ripple’s price rose to $2.11, gaining 1.72%. However, Solana’s price experienced a slight dip of 0.10%, settling at $140.38 (Rs 11,898.04).

Among the top five crypto gainers were Stacks (STX) with a 24-hour gain of 9.37%, trading at $0.6956. Other gainers included Bittensor (TAO) with a 7.44% rise, Artificial Intelligence Superintelligence Alliance (FET) at 6.59%, Decentraland (MANA) at 4.61%, and Aptos (APT) with a 4.41% increase.

Conversely, the top five losers comprised Story (IP) down 4.06%, AB (AB) at 4.03% loss, Movement (MOVE) down 3.87%, JasmyCoin (JASMY) with a 3.29% decline, and Hyperliquid (HYPE) dropping 2.35%.

Alankar Saxena, CTO and co-founder of Mudrex, highlighted strong upward momentum for Bitcoin. Recent positive spot Bitcoin ETF inflows and accumulation by Bitcoin whales, who now hold 67.77% of Bitcoin, have bolstered market confidence. He noted that macroeconomic factors, such as the declining dollar index, are enhancing Bitcoin’s appeal as a safe haven. CoinSwitch reported BTC’s trading around $87.2K, while XRP also saw gains amidst significant global developments such as Slovenia’s proposed taxation for cryptocurrency profits.

Opinions from industry leaders indicate a shift in sentiment amid ongoing regulatory developments. Bitcoin is trading at approximately $87,466, with speculation of breaking past $90,000. Experts foresee bullish trends in 2025 with potential peaks over $120,000. The cryptocurrency market is evolving, driven by increasing institutional interest and liquidity, with expectations that Bitcoin’s ascent will continue.

The CoinDCX Research Team confirmed a significant breakout above $87,000 for Bitcoin, aiming for resistance levels above $88,500, while the altcoin market remains stable. Positive community sentiments persist for cryptocurrencies like Pi, Kaspa, Injective, XRP, Cardano, and Pepe, despite some downturns in others.

Note: Crypto products and NFTs carry high risks. Users are advised to conduct thorough research and seek expert guidance before investing. Cryptocurrency investments bear speculative risks and market volatility; therefore, all actions therein are undertaken at the reader’s own risk.