Cryptocurrency Market Update: Bitcoin Recovers to $99,000 Amid Trade Optimism
On February 4, Bitcoin rose to about $99,000, contributing to a global market cap of $3.27 trillion. Notable gainers included Onyxcoin, which surged 32%, while Melania Trump’s memecoin saw a decline. Overall, major cryptocurrencies exhibited positive performance amid favorable trade developments.
On February 4, Bitcoin (BTC) surged to approximately $99,000, contributing to a global cryptocurrency market cap of $3.27 trillion, reflecting a 9.06 percent increase over the last 24 hours. While major cryptocurrencies such as Ethereum (ETH) and Solana (SOL) also showed positive gains, Melania Trump’s memecoin MELANIA notably declined, registering a loss of 0.22 percent. Onyxcoin (XCN) emerged as the highest gainer with a remarkable 32 percent rise during the same period.
The price of Bitcoin reached $99,682.92, showing a substantial 5.77 percent increase over the past day. Ethereum’s value climbed to $2,696.32, representing an 8.78 percent rise. Among other notable cryptocurrencies, Dogecoin (DOGE) rose by 20.80 percent, while Litecoin (LTC) and Ripple (XRP) saw increases of 8.89 percent and 17.84 percent, respectively. Solana’s price adjusted to $207.02 with a 7.12 percent gain, showcasing a robust performance.
Leading gainers in the cryptocurrency market included Onyxcoin (XCN), which experienced a 32.12 percent increase, and Artificial Superintelligence Alliance (FET) with a 26.70 percent rise. Other significant gainers were Aerodrome Finance (AERO), Bittensor (TAO), and Mantle (MNT), all of which registered gains above 20 percent.
Conversely, the top losers included Melania’s memecoin (MELANIA) with a decrease of 0.22 percent and Floki (FLOKI), which plummeted by 30.49 percent. SPX6900 and Gala (GALA) also experienced declines, registering losses of 30.16 percent and 28.92 percent, respectively. Remarkably, the overall sentiment in the crypto market remained supportive despite these fluctuations.
Experts observe that market recovery was fueled by positive trade sentiment. Alankar Saxena, co-founder of Mudrex stated, “Bitcoin quickly recovered from yesterday’s correction, reclaiming the $100,000 mark.” Other market analysts mentioned that easing trade tensions significantly impacted investor confidence and contributed to the resurgence across major cryptocurrencies.
Several leading figures in the cryptocurrency sector emphasized the role of macroeconomic factors affecting market movements. For instance, Avinash Shekhar, CEO of Pi42, remarked on increased buying activity resulting from a temporary halt in tariffs, reflecting optimism among investors. The general outlook suggests a potential for continued upward momentum across the cryptocurrency landscape.
The cryptocurrency market has become increasingly volatile, influenced by external factors such as political events and macroeconomic conditions. Recent fluctuations, particularly in Bitcoin’s value, highlight this market’s responsiveness to changes in sentiment and regulatory news. The trading community’s reaction plays a critical role, with institutional investments and public figures significantly swaying market dynamics. Understanding these variables is essential for anyone involved in cryptocurrency investments.
In summary, the cryptocurrency market on February 4 showcased significant gains, particularly for Bitcoin, which approached the $100,000 threshold. Positive developments in trade relations contributed to heightened investor confidence, impacting the performance of numerous altcoins favorably. Despite the losses for some tokens like MELANIA and FLOKI, the general sentiment indicates a resilient market poised for further developments in the near future.
Original Source: news.abplive.com
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