Bitcoin Nears $95,000; Dogecoin Up by 95% in 7 Days The global cryptocurrency market cap now stands at USD 3.11 trillion.
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Going strong and delivering a series of frequent all-time highs, the cryptocurrency Bitcoin crossed USD 90,000 and claimed USD 93,400 as the new ATH.
At present, Bitcoin (BTC) trades at USD 89,800, rising 2.51 per cent over 24 hours and seven per cent over one week according to data by CoinMarketCap. Meanwhile, Ethereum (ETH) and Solana (SOL) rose by over 13 per cent over seven days.
The global cryptocurrency market cap now stands at USD 3.11 trillion.
The crypto market has now surpassed USD three trillion since November 2021, when Bitcoin reached its previous all-time high of USD 69,000.
Market sentiments
The crypto market continues to rally on the back of Trump's pro-crypto stance including pushing for a national bitcoin reserve, institutional inflows and shifting regulatory expectations.
BTC market cap stands at USD 1.77 trillion.
Fear and Greed Index stands at 86 per cent, reflecting "Extreme Greed" and indicating bullish market sentiment. Edul Patel, CEO of Mudrex shares "Over USD 850 million in options are positioned at the USD 100,000 level, showing the trader confidence in the rally. BTC faces its next resistance at USD 94,200 and the support remains at USD 85,500."
Sumit Gupta, co-founder, CoinDCX calls the USD 100,000 mark a "critical psychological milestone." He feels that while there have been some corrections after BTC crossed the USD 92,000 mark, no significant resistance is expected.
The Dogecoin march
Analysis from Cases.gg reveals that the worldwide Google searches for Dogecoin, Elon Musk's favourite cryptocurrency, reached 667,410 on Tuesday, a 777 per cent increase compared to the daily average four weeks prior. This is fueled by Musk's appointment as head of the new Department of Government Efficiency (DOGE) under the Trump administration.
"Beyond Bitcoin, we're also witnessing a surge in interest towards other tokens," adds Gupta. Dogecoin saw a rise of 99 per cent over seven days and presently trades at USD 0.3899.
According to CoinSwitch Markets Desk, it was also a strong day for meme coins, as Pepe and Bonk were both listed on Coinbase, fueling substantial demand and pushing their prices up by 30-50 per cent. Additionally, Pnut, a new memecoin listed on Binance, saw an impressive 250 per cent+ price jump in just one day
