- Bitcoin surged over 7% to surpass $82,000 after a 90-day tariff pause by former President Trump, sparking renewed interest in cryptocurrencies.
- Ethereum, XRP, and other major tokens also rallied, contributing to a 7% increase in the overall cryptocurrency market capitalization.
In an exciting development for the cryptocurrency market, BTC prices surged over 7%, breaking the $82,000 barrier today. The surge was sparked by a 90-day pause on tariff hikes announced by former U.S. President Donald Trump. The move, which temporarily eases trade tensions between the U.S. and several countries, has reignited investor interest in riskier assets like Bitcoin and other cryptocurrencies.
As of 12:10 PM IST, Bitcoin was trading at $81,917.94, boasting a market cap of $1.61 trillion. Intraday, Bitcoin briefly peaked at $83,453, fueled by optimism surrounding the U.S. tariff decisions. Despite this, it’s important to note that the tariff pause does not apply to China, which still faces elevated duties, marking a continued complex trade landscape.
The Ripple Effect: Ethereum, XRP, and More Join the Rally
The positive momentum wasn’t limited to Bitcoin alone. Other major cryptocurrencies also enjoyed impressive gains. Ethereum, the second-largest cryptocurrency, saw an almost 10% jump, reaching $1,610.55. XRP and Solana followed suit, climbing by over 10%, while Binance Coin (BNB) saw a more modest increase of 5%.
The overall cryptocurrency market capitalization rose by 7%, reaching $2.70 trillion, demonstrating the widespread optimism throughout the space. This rally signifies a potential shift in market sentiment, as cryptocurrencies recover from recent downturns and push toward higher price levels.
Sustaining the Bullish Momentum: What’s Next for Crypto?
While the crypto market has made a strong recovery, many are asking: can the bullish momentum be sustained? Analysts suggest that Bitcoin’s surge past key resistance levels, including $81,800, indicates a continued positive outlook for the near term.
Although the bears have attempted to curb the rally, analysts from CoinDCX believe the bullish sentiment will persist, particularly as other top cryptocurrencies such as Ethereum, Solana, and Dogecoin continue to rise above their respective resistance levels.
With the global crypto market capitalization hitting $2.61 trillion, the ongoing developments in the tariff situation could play a pivotal role in shaping the market’s direction in the coming weeks.
As the crypto space navigates through these turbulent waters, all eyes are on whether this surge is the beginning of a sustained rally or a temporary blip in the market’s broader journey.
