BTC Surges Past $100,000 as Altcoins Drive Crypto Market
The surge in Bitcoin's price is attributed to its rising correlation with Gold and its perceived value as a hedge against macroeconomic and geopolitical volatility. As the crypto market continues to evolve, investors are closely watching the performance of altcoins and their potential to drive the market forward.
The crypto market has witnessed a significant surge, with Bitcoin retaking the $100,000 mark and altcoins experiencing double-digit gains, driven by Fed signals and US President Trump's hint of a trade deal. Ethereum has broken through $2,000 for the first time since March, gaining 11% in the past 24 hours.
Altcoins are driving the crypto market forward, with many experiencing substantial gains. Dogecoin and Cardano have risen by over 8%, while Sui and Bitcoin Cash have seen gains of 13.8% and 14.3% respectively. Pudgy Penguins is the top performer among the 100 biggest coins by market cap, up 27% since yesterday. The concept of "altseason" is being discussed, where altcoins outperform Bitcoin, but analysts warn that this may be premature, citing Bitcoin's dominance of 64%.
The Fed's steady interest rate decision has left markets uncertain about future cuts, with analysts expecting a 100 basis-point cut in 2025. Some warn of stagflation, a period of high inflation, stagnant growth, and rising unemployment. Bitcoin's price move is seen as a hedge against macroeconomic and geopolitical volatility, with investors viewing crypto as a core part of resilient portfolios.
The crypto market capitalization has crossed $3.21 trillion, with meme coins and altcoins in the top 100 rallying. Over $118 million in Bitcoin shorts were liquidated, and open interest climbed 7% to $70 billion. The top market movers are the US-UK trade deal, positive sentiment, and Bitcoin's rising correlation with Gold.
As the crypto market continues to rise, driven by macro-driven factors, including expectations of Fed rate cuts and Trump's influence, analysts warn of volatility due to tariff concerns and profit-taking at the $100K resistance level. The 15-minute price chart shows a bullish momentum, with the MACD indicator flashing green histogram bars above the neutral line.