Synopsis
Bitcoin briefly surpassed $97,000 amidst a broad cryptocurrency rally, fueled by anticipation surrounding the US Federal Reserve’s interest rate decision and easing geopolitical tensions. Ethereum also saw gains, contributing to a global crypto market capitalization of $3 trillion.
Bitcoin briefly surged past $97,000 in early Asian trading hours on Wednesday, leading a broad-based rally in cryptocurrencies as traders braced for a crucial interest rate decision by the US Federal Reserve and tracked signs of easing geopolitical tensions.
As of 1:53 am IST, Bitcoin had gained 3% to trade at $96,916, while Ethereum rose 2.56% to $1,836. The global crypto market capitalisation jumped 2.25% to hit $3 trillion, according to . Daily trading volume also surged by 49.2%, reaching $32.59 billion.
Altcoins followed Bitcoin’s lead with notable gains: Litecoin soared 13.5%, Dogecoin added 3.8%, Cardano 3.9%, Chainlink 4%, XRP 2.6%, Solana 2.3%, Shiba Inu 3.2%, and Stellar 2%. Polkadot and PEPE also gained over 3% each.
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 500.17% BuyCrypto Blue Chip – 5-0.32% BuyWeb3 Tracker-6.57% BuyNFT & Metaverse Tracker-6.90% BuyAI Tracker-8.04% BuyTOP COINS (₹) Bitcoin8,220,954 (3.4%)BuyEthereum156,057 (2.87%)BuyXRP182 (2.65%)BuyBNB51,401 (2.07%)BuyTether85 (0.43%)BuyBitcoin’s market cap climbed to $1.925 trillion, with its dominance increasing to 64.25%. Stablecoins remained dominant in trading activity, accounting for 93.78% of all transactions, totalling $78.38 billion.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »
What experts are saying
Live Events
Shivam Thakral, CEO of BuyUcoin, noted that “the growing geo-political uncertainty is fuelling volatility in financial markets. Bitcoin briefly breached the $97,000 mark, defying macroeconomic pressures. If current momentum holds, Bitcoin is poised to breach the $100,000 mark.”
Piyush Walke, Derivatives Research Analyst at Delta Exchange, said Bitcoin saw a modest recovery, rebounding from the lower end of its consolidation range. “The recent news of US-China trade talks scheduled in Switzerland has sparked optimism. However, Bitcoin remains within a flag pattern and lacks a decisive breakout.” He added that investor interest in altcoins remains subdued, with Bitcoin dominance rising 7.4% over the previous day.
Alankar Saxena, Co-founder and CTO of Mudrex, pointed to policy factors and upcoming upgrades: “Sentiment improved ahead of the FOMC meeting and New Hampshire’s authorisation of the ‘Bitcoin reserve bill’. Hopes of easing US-China trade tensions also helped. Ethereum is in focus today due to the Pectra upgrade. If Bitcoin breaks $97,900, it could head decisively toward $100,000.”
Vikram Subburaj, CEO of Giottus, added that “the rally could also be a short-squeeze that reverses in a day or two. Bitcoin dominance has climbed above 65%, the highest since early 2021, as traders rotate out of altcoins ahead of the Fed’s policy decision. Bitcoin volatility is at a 560-day low, setting the stage for a sharp post-Fed move.”
Outlook ahead
The market remains in a “wait and watch” mode ahead of the US Federal Reserve’s meeting. While a rate cut is unlikely, any dovish signals or hints of future quantitative easing could inject fresh liquidity and boost risk assets like cryptocurrencies. Ethereum’s upgrade and geopolitical developments—particularly trade talks between the US and China—are also being closely watched by traders for short-term cues.
The Crypto Fear and Greed Index has climbed to 67, indicating “Greed” territory, reflecting bullish sentiment in the market.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
