Bitcoin has made a triumphant return to six-digit territory, briefly surpassing $102,500 yesterday, marking its highest price in 18 days. After weeks of consolidation below $100,000, the leading cryptocurrency saw a decisive breakout fueled by strong market momentum and significant BTC ETF inflows.
Bitcoin’s Journey Past $102K
The end of December saw Bitcoin struggling to maintain its value, hitting a monthly low of $91,300. However, the start of the new year marked a reversal in fortunes. After multiple attempts to breach the $100,000 mark since January 4, bullish momentum finally propelled BTC beyond this psychological barrier on Monday.
Early Tuesday morning trading in Asian markets pushed Bitcoin to a peak of $102,700, as reported by Bitstamp. Although BTC has since retraced slightly to around $101,500, the cryptocurrency remains over 2.5% higher for the day.
This rally has boosted Bitcoin’s market capitalization to over $2 trillion, reaffirming its dominance in the crypto space at 53.8%.
Altcoins Join the Rally
Bitcoin’s resurgence has also ignited the altcoin market. Leading gainers include Dogecoin (DOGE), which is nearing the $0.40 mark, and XRP, trading at $2.45. Tron (TRX) also saw upward momentum, climbing to $0.27.
Cardano’s ADA token has surged by 5%, reaching $1.13 amid growing bullish sentiment and predictions of further price increases. Meanwhile, Hedera (HBAR) has added almost 7%, now trading above $0.30.
Crypto Market Cap Rebounds
The collective cryptocurrency market capitalization has added approximately $100 billion over the past day, recovering from last week’s dip below $3.4 trillion. It now stands at $3.75 trillion, highlighting renewed investor confidence in the space.
Outlook
Bitcoin’s climb past $102,000 and the altcoin rally underscore the market’s bullish momentum at the start of 2025. With BTC ETFs driving institutional inflows and altcoins gaining traction, the cryptocurrency market is poised for further growth in the coming weeks.
