Crypto Market Today: Bitcoin Approaches $110,000 as Geopolitical Tensions Subside; Altcoins Surge by Up to 5%
As of 12:51 PM IST, Bitcoin experienced a 2.1% increase, reaching $1,09,993, while Ethereum saw a 3.6% gain to $2,588. The total market capitalization of cryptocurrencies rose by 2% to $3.46 trillion. Bitcoin’s rebound followed the U.S. government easing its 50% trade tariff threats on European imports, offering short-term relief to global markets. Analysts suggest that the next significant resistance for Bitcoin lies around $112,000.
“Bitcoin has bounced after the US backtracked its 50% trade tariff on Europe… it must break through $112,000 to continue its strong rally,” stated Vikram Subburaj, CEO of Giottus.
This rally comes on the heels of last week’s record high of $112,000, fueled by rising institutional demand and optimistic sentiments regarding global crypto regulations. Despite recent volatility linked to macroeconomic factors, the overall sentiment remains bullish.
“Even with minor pullbacks, Bitcoin benefits from reduced supply post-halving and increasing on-chain activity,” noted Sathvik Vishwanath, Co-Founder & CEO of Unocoin. “Long-term holders may see dips as opportunities.”
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Corporate engagement has further propelled this momentum. Asia-based consumer food giant DDC Enterprise acquired 21 BTC as part of an expansive treasury strategy aimed at securing 5,000 BTC. Simultaneously, Pakistan has allocated 2,000 megawatts of energy to support Bitcoin mining and AI data centers, according to CoinSwitch Markets Desk.
Edul Patel, CEO of Mudrex, remarked, “The rapid rebound underscores BTC’s resilience, aided by an 80% drop in daily exchange inflows… Bitcoin’s strong fundamentals and decreasing sell-side activity position it favorably for further growth.”
Altcoins also exhibited gains. Solana increased by 3.2%, Cardano by 4.6%, Dogecoin by 3.6%, and Chainlink soared 4%. Avalanche led with a rise of 5%, while XRP, Stellar, Shiba Inu, Sui, and Hedera recorded modest increases.
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Bitcoin’s market dominance rose to 63.2%, with its market cap nearing $2.184 trillion. However, daily trading volume fell by 3.2% to $47.57 billion, according to CoinMarketCap.
(Disclaimer: The recommendations, suggestions, views, and opinions provided by the experts are their own and do not reflect the views of the Economic Times.)
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