Bitcoin surpasses $97,000, driving bullish sentiment in the cryptocurrency market. Significant gains by Cardano, XRP, and Solana bolster market momentum as global crypto capitalisation exceeds $3.4 trillion.

The cryptocurrency market has showcased remarkable performance, with Bitcoin leading the way by breaking through the $97,000 threshold, nearing the significant resistance level of $100,000. The notable surge signifies a continuation of Bitcoin's upward momentum, reflecting positive investor sentiment and increasing market confidence. Alongside Bitcoin, major altcoins such as Cardano, XRP, Solana, and Stellar experienced significant upward trends, enhancing the overall trajectory of the digital asset sector.

Bitcoin's dominance in the crypto market remains substantial, commanding over 56% of the total market capitalisation. In the last 24 hours, Bitcoin's market cap grew impressively to $1.913 trillion, with trading volumes rising by over 41%, reflecting heightened investor activity. Despite its gains, Bitcoin faces challenges with immediate resistance at $98,400 and a pivotal support level around $95,000, indicating potential short-term market volatility.

Altcoins further cemented the optimistic market outlook, with Cardano surging a remarkable 11.5%, Stellar increasing by 9%, XRP climbing by 3.6%, and Solana showing steady growth at 2.7%. Ethereum also contributed to this momentum, trading higher at $3,452, reflecting a 1.6% increase. These upward movements influenced the overall market capitalisation of cryptocurrencies, which expanded by 1.5% to reach $3.41 trillion, highlighting the growing institutional and retail interest driving the ecosystem.

The impact of stablecoins within the digital asset space was also evident, accounting for a striking 92% of the total market’s 24-hour trading volume, valued at $108.1 billion. Stablecoin dominance further underscores their critical role in providing liquidity and stability within the highly dynamic crypto trading environment.

The surge in cryptocurrencies can be attributed to several factors. One significant influence is the growing institutional interest, particularly in U.S.-based spot Bitcoin exchange-traded funds (ETFs). These ETFs are nearing a critical milestone, with holdings projected to soon exceed $110 billion. This represents over 5.7% of the total Bitcoin supply, reflecting their increased adoption as a mainstream investment vehicle by institutions.

Market sentiment has also improved considerably, as highlighted by indicators like the Fear-Greed Index, which points to rising optimism among traders and investors. Analysts suggest that this positive outlook is likely to sustain, even as notable resistance levels test the resilience of leading coins like Bitcoin.

Industry experts have expressed optimism about the continued upward momentum in cryptocurrency prices, underlining the opportunities for both short-term trading and long-term investment in this expanding market. However, the volatility inherent in cryptocurrencies remains a critical factor for investors to consider, given how rapidly prices fluctuate.

In summary, the cryptocurrency market has entered 2025 with strong upward trends across major digital assets. Bitcoin's advancement towards the $100,000 milestone, coupled with significant gains by altcoins such as Cardano, XRP, and Solana, emphasises the sector's resilience and growing acceptance. With institutional adoption rising and stablecoins playing a pivotal role in market liquidity, the industry seems poised for further growth, albeit with the underlying caution of navigating inherent market risks.