Bitcoin’s market capitalization has crossed those of Alphabet (the parent company of Google), Amazon, and silver, hitting $1.86 trillion and becoming the fifth-largest asset globally.
The price of Bitcoin climbed as high as $91,684 on Tuesday, before receding slightly. Despite that it remained up 4.5% over the past 24 hours, according to Bitcoin CounterFlow, putting it on track for its largest daily gain since April 9, when it jumped 8.3% following U.S. President Donald Trump’s reduction of “reciprocal” tariffs on most countries to 10% while focusing steeper levies on China.
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Crypto sees broader gains
Even altcoins and meme coins traded higher as the entire cryptocurrency market saw broader gain. Solana-based meme coin, Fartcoin rose to $1.08, an increase of 21%, while Dogecoin hit $0.17, rising 9% popular altcoins Ethereum and Solana also saw impressive gains, increasing 8% to $1,700 and 6% to $145, respectively.
Trade talks trigger optimism
The positive market sentiment appeared to be driven by U.S. Treasury official Scott Bessent’s comments made during a private event hosted by JP Morgan. Bessent reportedly stated that the ongoing trade war with China was unsustainable for both nations and predicted a near-term de-escalation. Bessent’s remarks appeared to alleviate concerns on Wall Street related to tariffs, which economists fear could hinder economic growth and increase costs in the U.S. Following a roughly 3% decline on Monday, the S&P 500 and the Nasdaq both rebounded, each rising by 2.3%, according to Yahoo Finance.
Hints of a potential shift in the Trump administration’s trade strategy emerged after the initial imposition of tariffs threatened broader international trade conflicts. White House Press Secretary Karoline Leavitt hinted at a breakthrough in talks when she said “progress is being made” in trade negotiations, highlighting that the government has “18 proposals on paper.” Leavitt further stated that the White House’s trade team, which included Bessent and U.S. Commerce Secretary Howard Lutnick, were planning to meet representatives from 34 nations to take these negotiations forward.
Also read: Bitcoin enters calm phase as volatility hits 22-month low
BTC heading towards 100k again?
Bitcoin (BTC) added over 5% in the past five days hitting the $90,000 mark for the first time since March 7, meanwhile, the S&P 500, fell from 5700 to below 5200.
As of going to press Bitcoin is trading at $93,000 up nearly 41% year to date. However, it has recovered significantly from its April 7 low, when it was down nearly 20% for the year and nearly 30% below its record high of around $105,000 in January. That decline represented the steepest correction of the current market cycle, surpassing the August 2024 drop to $49,000.