Bitcoin is breaking through the $100,000 mark again, and the virtual asset market is heating up. The market is gaining momentum due to some resolution of international trade uncertainty, the conclusion of the Ripple lawsuit, and Ethereum upgrades.
According to CoinMarketCap, a global virtual asset market tracking site, as of 1:30 PM, Bitcoin was trading at $104,287.18, up 1.12% from the previous day. On a weekly basis, it shows a high increase of 8.72%. Ethereum, the second-largest market cap, rose to $2,546.39, surging 9.2% in 24 hours and 38.74% over seven days. Additionally, XRP is maintaining its strong trend, rising 9.53% over seven days to $2.41.
This price movement was triggered when Bitcoin broke through the $100,000 mark for the first time in about three months on the 9th. By that afternoon, Bitcoin had exceeded $103,000. This is the first time since February that it has recovered the $100,000 level. Particularly, the news of a trade agreement between the US and UK is analyzed to have stimulated investment sentiment towards risky assets.
Altcoins also showed strong upward momentum. Ethereum, which crossed the $2,500 mark, received positive evaluation for improving user experience and restructuring staking through the recent network upgrade 'Pectra'. Dogecoin, Solana, and Cardano also rose more than 10%, adding to the collective rally. Ripple benefited from the near-conclusion of its five-year lawsuit with the SEC, which was settled with a $50 million fine.
This rally is attributed to changes in the international trade environment. Following Donald Trump's sudden agreement on mutual tariffs with the UK, similar negotiations are reportedly in progress with India, Japan, and Israel, which has eased market tension. Trump's statement to "buy US stocks immediately" was also a factor fueling optimism. Particularly, the suggestion of potential tariff reduction negotiations with China raised market expectations. This reduction in trade uncertainty stimulated risk asset preference among investors, ultimately leading to a strong performance across the virtual asset market.
Experts believe that the Federal Reserve's policy direction will be closely watched based on the upcoming Consumer Price Index (CPI) and retail sales indicators. Moreover, the current short-term surge could expand volatility depending on policy variables.
