The cryptocurrency market took a dramatic leap as Bitcoin’s price surged beyond $91,400, according to trading data. This rally was fueled by growing demand for Bitcoin Exchange Traded Funds (ETFs) and expectations of favorable regulations under the Donald Trump administration.
Investors responded positively to Trump’s comments, which signaled support for the digital assets sector. The price spike across Bitcoin (BTC-USD) and other leading cryptocurrencies drove the global market capitalization to $3.05 trillion, a 3.18% increase in the last 24 hours.
Market Highlights:
- The total cryptocurrency market volume over the past day stood at $188.05 billion, marking a 13.91% decline.
- DeFi platforms saw trading volume climb to $8.24 billion, representing 4.38% of the total 24-hour crypto market activity.
- Stablecoin volumes accounted for 90.27% of the market, amounting to $169.75 billion.
Bitcoin gained 3.9%, trading at $91,211, with a weekly gain of approximately 19%. It reached a record high of $93,434 earlier in the week. However, trading volume decreased by 8%, settling at $81.9 billion. Other cryptocurrencies showed mixed performance:
- Ethereum (ETH-USD): Down 0.7%, trading at $3,080, with a weekly rise of 5%.
- Solana (SOL-USD): Up 1%.
- BNB (BNB-USD): Down 2.7%.
- Dogecoin (DOGE-USD): Declined by 3.2%.
- XRP and Cardano: Surged 10% and 20%, respectively.
The CoinDesk Market Index, which tracks 126 digital assets, rose 2.1% in the past 24 hours. In contrast, U.S. stock markets recorded losses, with the Nasdaq 100, S&P 500, and Dow Jones dropping by 2.5%, 1.4%, and 0.7%, respectively.
