Crypto Market Update: Bitcoin Rebounds to $97.3K; Dogecoin, Hedera Surge Over 3%
The cryptocurrency market is witnessing a recovery following a sharp drop earlier this week. Ahead of the highly anticipated U.S. Consumer Price Index (CPI) report scheduled for release on Wednesday, Bitcoin and several altcoins have made significant gains.
Bitcoin’s Recovery and Market Performance
After plunging to $89,000—a level unseen for 24 days—Bitcoin has rebounded strongly.
- As of 11:00 am IST, Bitcoin is trading at $97,256, up 2.6%. It bounced back from an intraday low of $89,260.
- The global cryptocurrency market cap has risen 1%, reaching $3.29 trillion.
Edul Patel, CEO of Mudrex, commented:
“Bitcoin found strong support at $89,200 and quickly rebounded to $97,300. Investor caution due to upcoming economic data caused initial dips, but optimism returned following reports of crypto-friendly executive orders under consideration by former President Trump.”
Institutional Investments Driving Market Sentiment
Institutional activity has significantly boosted the crypto market:
- BlackRock’s Bitcoin ETFs in Canada have bolstered confidence among investors.
- MicroStrategy’s $243 million Bitcoin purchase has added to the positive momentum.
Patel further noted:
“Bitcoin’s new support level is $90,900, with resistance at $96,600. These levels suggest renewed investor confidence and a more stable market environment.”
Performance of Major Altcoins
Altcoins have also rallied alongside Bitcoin, with notable gains across the board:
- Dogecoin: Up 4.6%, leading the market recovery.
- Hedera: Increased by 3.4%.
- XRP: Gained 2.35%, with steady upward momentum.
- BNB: Rose 1%, showcasing resilience.
- Solana: Achieved a 1.8% uptick.
- Other Gainers: Cardano (2.1%), Chainlink (2%), Shiba Inu (1.75%), and Toncoin (1%).
Vikram Subburaj, CEO of Giottus, stated:
“Altcoins like XRP, BNB, and Sui have posted modest gains. Dogecoin, however, outperformed the market with a 4% rise. As Bitcoin consolidates, altcoins are likely to catch up, further diversifying the recovery.”
Market Volumes and Dominance
- The total trading volume of all stablecoins has reached $156.68 billion, accounting for 92.61% of the crypto market’s 24-hour volume.
- Bitcoin’s market cap now stands at $1.879 trillion, reflecting its continued dominance at 57.19%.
- Over the past 24 hours, Bitcoin’s trading volume surged 139.6%, hitting $71.3 billion.
Key Highlights
- Bitcoin is showing strong recovery after hitting $89,000.
- Institutional investments, like those by BlackRock and MicroStrategy, are driving market confidence.
- Altcoins, led by Dogecoin and Hedera, are also experiencing robust growth.
- Bitcoin dominance remains high, signaling its leading position in the market.
The crypto market’s rebound reflects growing optimism, supported by institutional investments and potential regulatory changes. With Bitcoin leading the recovery and altcoins gaining momentum, the market appears poised for further growth, contingent on the upcoming CPI report and broader economic trends.
