Bitcoin Market Update

Bitcoin reacted positively after a dip below $94,000 earlier this week, surpassing $97,000 for the first time since Monday.

Many altcoins have seen even more significant gains in the past 24 hours, with XRP rising to $2.7 and SUI reaching $3.3.

BTC Taps $97K

Following the volatility at the start of the previous business week, Bitcoin stabilized, fluctuating between $95,000 and $97,000. Attempts to break out, like the surge to $99,000 on Friday, faced immediate rejections, leading Bitcoin to hover near the upper boundary during the weekend.

On Monday, a price dip pushed Bitcoin down, but bulls defended the support level. After twenty-four hours of trading, bears took control, driving BTC down to a two-week low of under $93,500. However, bulls intervened, preventing further declines, and Bitcoin rebounded, exceeding $96,000 yesterday and hitting $97,000 earlier today.

This surge brought its market cap close to $1.930 trillion, with a dominance of 58% over altcoins.

XRP Goes Up

Most altcoins faced similar challenges on Tuesday but regained ground over the next 36 hours. Ripple’s token led the charge, soaring nearly 5% to a multi-day peak of $2.7. SUI gained a similar percentage, increasing to $3.3, while XLM rose by 3.5%, trading near $0.35.

Other cryptocurrencies like ADA, AVAX, SOL, and HBAR showed slight gains, while HYPE and TAO surged by 8% and 15%, respectively. Conversely, LTC, which recently performed well, dropped by 6%, falling below $130. ETH, DOGE, BNB, TRX, and LINK also posted minor declines.

The total cryptocurrency market cap has increased to $3.330 trillion.