Bitcoin prices soared above $85,000 for the first time since tariffs were enacted on March 4, 2025, drawing in substantial investor optimism and pushing several altcoins into the green.
As the market responded positively to comments from the Federal Reserve, the global crypto market capitalization reached $2.81 trillion, marking a 3.39% increase over the past day. The overall trading volume surged by 45.34%, hitting $104.4 billion.
XRP, Uniswap (UNI), and Bonk (BONK) topped the charts, with XRP witnessing a notable 7.5% rise to $2.46. The significant gains in these altcoins were largely attributed to Ripple CEO Brad Garlinghouse's announcement that the US Securities and Exchange Commission (SEC) would no longer pursue its appeal in the ongoing legal battle with Ripple.
Meanwhile, Binance sparked excitement by announcing its "vote-to-list" initiative, which contributed to the surge in BNB Chain tokens following the news on Wednesday.
Some of the other high-performing cryptocurrencies included Ethereum, which saw a rise of over 4% to trade at $2,020.55, and Solana, gaining 5.5% to reach $133.17.
Despite the overall market rally, not all coins fared well. Curve DAO, Maker, and Avalanche experienced declines of between 4% and 5%, while MUBARAK and Merlin Chain saw steeper drops of 16% and 12%, respectively.
Investor enthusiasm comes as Bitcoin, the leading cryptocurrency, climbed to $85,651.67, reflecting an increase of about 3.23% in the last 24 hours. Its trading range fluctuated between $82,930.50 and $87,443, with a dominance of 60.61% within the crypto market.
According to reports, Bitcoin exchange-traded funds (ETFs) recorded inflows of $512 million in the days prior to the Federal Reserve's recent policy decision, showcasing a potential shift in investor sentiment amid recent volatility.
The massive liquidations in the crypto market, which totaled nearly $350 million over the last 24 hours, included around $220 million in bearish bets, indicating the high stakes of current trading positions.
On the other side of the spectrum, altcoin performance varies significantly, with tokens such as Fire seeing increases of 8.83%. In contrast, EOS suffered the most significant loss of 6.80%. Overall, the volatility in the crypto market remains a high-stakes environment for traders, influenced by news and regulatory developments.
Analysts noted the mixed performance of the cryptocurrency market, with the sharp rise in Bitcoin and altcoins indicating a positive market response to favorable economic indicators and regulatory clarity.
In reaction to these developments, crypto analyst Michael van de Poppe mentioned that altcoins could see further positive movements as the market evolves. His insights suggest that the optimism regarding cryptocurrencies could lead to a cycle of growth, further enhancing their viability.
The crypto landscape continues to reshape itself amid changing regulatory protocols and investor behavior. With significant attention on major players like Bitcoin and XRP, the overall sentiment in the market remains cautiously optimistic as investors weigh potential risks against emerging opportunities.
The latest figures reflect dynamic shifts within the crypto marketplace. As the Federal Reserve notes on interest rates may influence investor strategies, analysts anticipate that the path forward will be marked by continued volatility.
Despite the recent gains in major cryptocurrencies, it's essential for investors to consider the inherent risks associated with the evolving crypto market.
In summary, as Bitcoin leads the upward trend, the altcoins rally alongside it, rejuvenating hopes among investors for sustained growth in the sector.
