Bitcoin (BTC) has surged to a price of $90,400, driven by a renewed appetite for risk within the cryptocurrency sector following recent political developments. Although the altcoin market is experiencing fluctuations, this surge deviates from typical bullish patterns, leading to some cryptocurrencies facing pullbacks.
What Recent Events Led to Bitcoin’s Surge?
Since its peak of $73,777 in March, Bitcoin struggled for over two quarters but has risen above $93,000. This marks the end of a prolonged downturn lasting about 240 days. Currently, it aims to hold the $86,580 level as support while targeting $92,000, despite some traders taking profits.
How Does This Affect the Overall Crypto Market?
With the resignation of the SEC Chairman on the horizon, positive shifts are expected for the cryptocurrency market, notably for XRP Coin, which has recently surpassed $1. Currently, the cryptocurrency fear and greed index is at 83, reflecting heightened market enthusiasm.
The total cryptocurrency market capitalization has surpassed $3 trillion, with trading volume hitting $174 billion. Notably, the past week saw impressive gains, including a 1368% increase for PNUT Token and a 127% rise for BONK. Other currencies also demonstrated solid performance, with many gaining between 50% and 100%.
- Bitcoin’s rise is influenced by Trump’s election victory, which rekindles investor confidence.
- The crypto market capitalization has exceeded $3 trillion once again.
- PNUT Token and BONK have shown remarkable weekly gains, highlighting profit opportunities.
- Several cryptocurrencies, however, have experienced losses, indicating market volatility.
Despite the overall market upswing, certain tokens, including NEIRO, LDO, and AAVE, faced significant declines, with NEIRO Coin dropping by 25%. The mixed results signal ongoing uncertainty within the cryptocurrency landscape.