Bitcoin Rebounds to $88K Amidst Institutional Confidence; Altcoins Gain
Bitcoin rebounded to $88,000, supported by MicroStrategy’s $584 million purchase, indicating renewed institutional confidence. Altcoins displayed mixed trends with notable gains. As of 11:26 AM IST, Bitcoin fell 0.2% to $86,772 while Ethereum decreased by 0.6% to $2,056. The global crypto market cap increased slightly, reaching $2.84 trillion.
Bitcoin has recently rebounded to approximately $88,000, showcasing renewed institutional interest, especially following MicroStrategy’s significant purchase of $584 million in Bitcoin. This development, alongside rising exchange-traded fund (ETF) inflows, signals a robust market sentiment with Bitcoin maintaining a crucial support level above $86,000, according to Vikram Subburaj, CEO of Giottus.
Sathvik Vishwanath, Co-Founder and CEO of Unocoin, indicated that the recent rebound indicates a bullish market reversal, with the potential for higher low formations. Although the trading volume has slightly diminished during upward movements, the presence of accumulation candles suggests that buyer interest remains strong.
As of 11:26 AM IST, Bitcoin is trading at $86,772, experiencing a minor decline of 0.2%. Ethereum is also down by 0.6% to $2,056. Despite this, the global cryptocurrency market has seen a marginal increase of 0.13%, reaching a total market capitalization of $2.84 trillion.
Among major altcoins, BNB has surged by 3%, followed closely by Solana, Dogecoin, and Cardano, each experiencing gains ranging from 1% to 5%. In contrast, Chainlink, Stellar, Hedera, Shiba Inu, and Uniswap all recorded modest increases between 1% and 2%. Bitcoin’s market cap has decreased to $1.723 trillion, while its market dominance has increased to 60.53%, with a notable 78% surge in trading volume, now at $33 billion. Notably, stablecoin transactions comprised 95.2% of total crypto trading, amounting to $79.92 billion, as reported by CoinMarketCap.
Political developments, such as former President Trump’s signals regarding possible tariff relief, have impacted both the cryptocurrency and traditional financial markets. Avinash Shekhar, Co-Founder and CEO of Pi42, remarked on Bitcoin’s inflows, emphasizing its growing dominance, while also discussing Ethereum’s slower growth and XRP’s volatility. Institutional investors continue to leverage Bitcoin for hedging purposes, monitoring Ethereum and other significant altcoins in response to economic factors.
The recent behavior of Bitcoin, supported by substantial institutional purchases and growing confidence in ETFs, reflects a promising outlook for the cryptocurrency market. Despite minor fluctuations in Bitcoin and Ethereum, altcoins have generally shown resilience and positivity. The evolving dynamics between cryptocurrency and macroeconomic factors, alongside institutional strategies, will likely continue to influence market trends moving forward.
Original Source: m.economictimes.com
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