Bitcoin surges past $97,000, moving closer to the $100,000 milestone as institutional interest and trading volumes grow. Major cryptocurrencies like Cardano and XRP also see significant gains.

Bitcoin has achieved a significant milestone by crossing the $97,000 mark as it inches closer to the highly anticipated $100,000 level, showcasing a continuation of its bullish movement. This recent surge reflects the growing strength in the cryptocurrency market across major tokens. As of the latest update, Bitcoin’s dominance within the market stands at over 56%, with its market cap soaring to $1.913 trillion. Bitcoin traded at approximately $96,777, recording an intraday high of $97,739. Trading volumes for Bitcoin also saw a notable increase, highlighting heightened activity and interest among investors.

Ethereum experienced a moderate rise, trading around $3,452, while other prominent altcoins saw varying levels of upward momentum. XRP climbed by 3.6%, Solana rose by 2.7%, and Cardano recorded a remarkable surge of 11.5%. Similarly, Stellar registered a gain of 9%. These movements collectively contributed to the overall growth of the global crypto market, which increased by 1.5% and reached a market cap of $3.41 trillion.

Stablecoins continued to play a dominant role in the market, accounting for a staggering 92% of all crypto trading volumes over the past day, with a total volume of $108.1 billion. This trend underscores the growing reliance on stablecoins for trading activities and liquidity in the broader cryptocurrency sphere.

Market analysts attribute part of this surge to increasing institutional interest, particularly in Bitcoin-focused exchange-traded funds (ETFs). These ETFs, particularly in the United States, are nearing key milestones, collectively holding Bitcoin equivalent to over 5.7% of its total supply. Experts have highlighted that Bitcoin currently faces an immediate resistance level at $98,400, while its support rests at the $95,000 threshold, making these technical indicators pivotal in charting future trends.

Additionally, the rise in investor enthusiasm is partly mirrored by the positive movement in fear-and-greed sentiment indices, which reflect a gradually shifting outlook on the market’s potential in the near future. This positive trend also ignites discussions about whether Bitcoin can overcome its historical struggles with breaching the $100,000 mark, a level that persistently remains a formidable resistance.

Commentators have pointed to the increasing institutional demand for regulated Bitcoin ETFs as a significant trigger for the price dynamics. These institutional investments have driven momentum and brought mainstream visibility to the asset class, spurring optimism in the crypto domain. Despite the price surges, experts are also cautioning investors about the inherent volatility present in cryptocurrencies and the necessity for thorough understanding and measured risks before investing.

The role of stablecoins, with their substantial volumes, underscores their importance in offering liquidity and facilitating trading in the volatile crypto market. These tokens act as an effective medium for traders and institutions seeking exposure with reduced volatility risks. They remain a critical bridge between conventional fiat currencies and the decentralised finance ecosystem.

In conclusion, the cryptocurrency market is witnessing a phase of significant growth, driven by renewed investor interest and the adaptation of regulatory-compliant financial tools like ETFs. The upward momentum in Bitcoin and other major altcoins like Ethereum, Solana, and Cardano underscores this growth, alongside the growing role of stablecoins in the ecosystem. Market participants are broadly optimistic, yet careful, awaiting Bitcoin’s next major resistance breakout point as it approaches the highly symbolic $100,000 milestone.