Bitcoin rallied up to $82,000 mark after the CLARITY Act developments improved investor sentiment before slipping back to $81,000. The cryptocurrency was trading at the $80,572 mark.
In the past 24 hours, Bitcoin rallied up to 1% and Ethereum was down 0.5% to trade at $2,256 mark. Among the major altcoins, BNB, XRP, tron, Hyperliquid gained up to 16% whereas Solana, Dogecoin and Cardano corrected up to 0.8%.
Akshat Siddhant, Lead quant analyst, Mudrex said Bitcoin briefly crossed $82,000 before stabilising near $81,500 and the regulatory progress could attract fresh institutional capital, especially after the $863 million in outflows from Bitcoin ETFs.
Siddhant further said that the risk-on mood is further supported by the record highs in the US equity markets and investors are now looking at sustained inflows into the crypto market, which could push Bitcoin towards the $85,000 mark.
The global crypto market capitalisation went up 0.5% to $2.67 trillion, according to CoinMarketCap. Bitcoin's supply on exchanges sits at nearly 5.6%, whereas Ethereum’s supply sits at 5% on exchanges, which is a notable rise from when it was at 4% just 10 days ago, said CoinDCX Research Team.
In the past week, Bitcoin was up 1% and Ethereum was down 0.8%. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid, Cardano rallied up to 7%.
Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin and Ethereum are witnessing a cautious recovery after recent volatility, with macro developments and regulatory optimism driving sentiment.
Sehgal also said that improving regulatory clarity, institutional participation narratives, and resilient spot demand continue to support the medium-term outlook for crypto markets despite near-term consolidation.
Market perspective
Vikram Subburaj, CEO, Giottus
The asset remained volatile as traders balanced improving on-chain structure against persistent macro pressure and weakening ETF demand. Market capitalisation remained close to $1.6 trillion. Bitcoin dominance also stayed high near 60%, showing that institutional money continues to favour Bitcoin over a broader altcoin rally.
WazirX Market’s Desk
Bitcoin’s bull-bear market indicator turned green for the first time since March 2023, signaling a potential early bull phase after Bitcoin’s strong recovery from February lows, with momentum improving despite resistance in the $80,000-$82,000 zone.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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