Bitcoin surpasses $97,000 amidst a broader market upswing, with altcoins like Cardano and Stellar recording strong performances. Institutional investments in Bitcoin ETFs have contributed significantly to market momentum.

Bitcoin continues its bullish trend, temporarily surpassing the $97,000 threshold as it moves closer to the psychological $100,000 barrier. The cryptocurrency’s upward momentum comes alongside a surge in trading activity, showing a 41.6% increase in 24-hour volume, reaching $41.3 billion. Bitcoin’s market capitalisation now stands at $1.913 trillion, holding a dominant 56.22% share of the global crypto market. Analysts suggest immediate resistance at $98,400, with key support levels around $95,000. The broader crypto market has also experienced growth, rising by 1.5% to a total valuation of $3.41 trillion. Stablecoins continue to dominate trading, contributing 92% of the overall daily trading volumes, which hit $108.1 billion. Ethereum saw a 1.6% increase to $3,452, while other prominent altcoins recorded significant gains. Cardano led the charge with an 11.5% rise, followed by Stellar at 9%, XRP at 3.6%, and Solana at 2.7%. Market sentiment, as reflected in the Fear-Greed Index, is improving, indicating growing confidence among investors. Industry leaders attribute the market rally to heightened institutional interest, particularly in U.S. spot Bitcoin exchange-traded funds (ETFs), which are nearing a milestone of $110 billion in aggregate holdings. This development reflects an expanding influence of institutional players, contributing to greater market liquidity and reduced volatility. Shivam Thakral, CEO of BuyUcoin, has pointed out that ETFs have raised their holdings by $2.2 billion recently, representing over 5.7% of Bitcoin’s total supply. Edul Patel, CEO of Mudrex, highlighted the ongoing momentum among major cryptocurrencies and the strong market positioning of Bitcoin. He predicts room for further upward trajectories, provided critical resistance levels are breached. Altcoins are maintaining robust performance amidst this bullish phase. Investors are increasingly optimistic about blockchain innovations like smart contracts and decentralised finance (DeFi), which are driving altcoin adoption. Analysts advise caution as crypto markets remain volatile, with sudden fluctuations driven by macroeconomic factors. The dynamic nature of the market requires investors to stay informed and exercise prudence.