Crushing resistance level, Bitcoin (BTC) scripted history as it crossed $93,000 for the first time after retreating from the $90,000 level many times this week. This resulted in exceptional gains for crypto investors amid strong demand in the U.S., where the Trump victory has fuelled an unprecedented rally in the highly volatile digital asset.
The latest CoinDesk data shows that the world's largest digital currency in m-cap soared another 8.58% after some resistance to the $87,000 level in the early trading hours in the U.S., zooming past $90,000 before briefly hitting $93,368.13.
Another bullish wave was recorded in sync with the opening of the traditional markets in the U.S., indicating an investor push amid an easing of headline inflation in October.
"Bitcoin's recent surge, surpassing the $90,000 mark, is a clear reflection of a perfect storm of market optimism, shifting macroeconomic dynamics, and growing institutional interest. As global governments and corporations increasingly recognise Bitcoin’s potential as a strategic asset. The $100,000 threshold now stands as a critical psychological milestone, and with significant ETF inflows and continued institutional demand, Bitcoin’s upward trajectory appears poised to continue. While we have seen some correction after BTC crossed the $92,000 mark, no significant resistance remains in sight," says Sumit Gupta, co-founder, CoinDCX.
The flagship crypto is on a gaining spree, surging more than 21% since Trump came to power in the U.S., with hopes of regulatory protection for the controversial and volatile asset class.
The latest price movement shows BTC trading at 2.47% on a 24-hour basis at $89,924.50. Ethereum is down 0.89% at $3,208.91, while Solana has registered 4.02% gains and is trading at $214.75.
DOGE is another big winner in the current crypto bull run. The meme-coin, endorsed by billionaire Elon Musk, is currently up 0.91% at $0.3863, recording 94% gains in the past 7 days.
Dogecoin surged 32% on Tuesday and 10% during early trade on Wednesday after Elon Musk and Indian-origin billionaire Vivek Ramaswamy were appointed to Trump's Department of Government Efficiency, or D.O.G.E.
The meme-coin, however, has seen a decline in volume surge at around 38% in the past 24 hours, taking its market cap to $56.80 billion.
It was also a strong day for meme coins, as Pepe and Bonk were both listed on Coinbase, fuelling substantial demand and pushing prices up by 30-50%, says the CoinSwitch Markets Desk. Additionally, Pnut, a new memecoin listed on Binance, saw 250%+ price jump in just one day.
Gupta of CoinDCX says both the figures are known for their pro-crypto stance, and their government involvement sends a positive signal to investors. "Beyond Bitcoin, we’re also witnessing a surge in interest towards other tokens.
The stakeholders say sustaining this momentum may be challenging due to its limited utility and retail-driven volatility. Gupta says with the current level of ‘extreme greed’ as indicated by the Crypto Fear and Greed Index, all retail investors are advised to do their own research and understand their risk appetite before making any investment decisions.
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