Bitcoin (BTC) has recently surged by $4,000, causing the entire cryptocurrency market to increase by over $70 billion.
In early May, Bitcoin rose from $93,500 on April 30th to $97,000 the next day. The upward trend continued, reaching a two-month high of $98,000 on Friday.
The market expected to break $100,000, but the situation reversed at the beginning of the week, with Bitcoin dropping nearly $5,000 to $93,500 between Monday and Tuesday.
However, the situation quickly changed with news that the United States and China are scheduled to discuss tariff issues in Switzerland. Trade war-related news has been influencing the cryptocurrency market in recent months, and this time was no exception.
Bitcoin immediately reacted to this news, surging to $97,600 within hours. Currently trading at a slightly lower $97,000, it is still up 3% from the previous day.
Bitcoin's market capitalization is approaching $1.93 trillion according to CoinGecko, with a market share exceeding 62% of the entire cryptocurrency market.
In the altcoin market, Litecoin (LTC) dropped over 8% due to the SEC's ETF decision delay but rebounded 13% within 24 hours, recovering to $92. HYPE also rose 6%, surpassing $21, while CRO, AAVE, SUI, LINK, Doge, ADA, BCH, HBAR also showed an upward trend.
The total cryptocurrency market capitalization has increased by over $70 billion from its previous low point, currently standing at $3.1 trillion according to CoinGecko.
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