Home Innovation Crypto Bitcoin Soars Past $93K as Cry...

Bitcoin Soars Past $93K as Crypto Market Rallies on Weak Dollar and Regulatory Optimism

Crypto

Business Honor
24 April, 2025

Altcoins gain momentum as institutional inflows and SEC support boost confidence.

The cryptocurrency market saw a significant boost on Thursday when Bitcoin regained the $93,000 level and other top digital coins jumped as much as 15%. The increase was fueled by a host of factors that ranged from the decline of the US dollar to Treasury Secretary Scott Bessent's positive comments on US-China trade tensions as well as strong institutional demand for cryptos.

The market leader, Bitcoin, increased by 6.65% to $93,847.25. Its capitalization hit nearly $1.85 trillion, while the $56.5 billion value of bitcoins traded in 24 hours increased 50% in trading volume. However, Bitcoin is near falling 15% short of its all-time high of $109,114.88 in January this year.

The downtrend in exchange inflows also ignited the bullish sentiment since it indicated weakening selling pressure and gained momentum for Bitcoin. Analysts say that if the positive momentum persists, Bitcoin may test the $100,000 level, with levels of support being key up to $88,000.

The second-largest cryptocurrency, Ethereum, also posted a huge spike, increasing by 15.30% to $1,816.52. Its 24-hour trading volume jumped more than 80% to $26.27 billion, and its market cap stood at $220 billion.

Some other altcoins like Dogecoin, Cardano, Chainlink, and Avalanche also posted good increases, each of them increasing by 10-12%. During this time, Bitcoin's market share fell slightly to 63.28%, as altcoins went up.

The cryptocurrency prices go up after the new SEC Chairman, Paul Atkins, is appointed, who will most probably enact a more accommodative regulatory atmosphere. Secondly, de-escalation of US-China tensions and a weakening dollar further fueled the demand for digital currencies. The total market cap of the overall crypto universe increased by a massive 7% to $2.94 trillion, with a growth in 24-hour trading volume of 53.61%.