Bitcoin Breaks Above $93,000 for the First Time Since Early March

Crypto investors had hoped for a trading day like this: Bitcoin is trading above $93,000 for the first time since early March

Crypto investors will be hoping for a trading day like this one: Bitcoin is trading above $93,000 for the first time since early March, boosting Solana, XRP, Ethereum, and others.

A whopping 6 percent daily gain has lifted Bitcoin (BTC) to around $94,000, sparking noticeable optimism in the crypto markets. Ethereum’s daily gains are 10 percent, while XRP (Ripple) and Solana are up a good 7 percent each. But perhaps even more importantly, Bitcoin is currently managing to decouple itself from trends in the stock markets, thus demonstrating its unique position among asset classes. Let’s take a look at what’s currently happening in the crypto markets:

“Bitcoin is beginning to behave like gold did two weeks ago,” writes Alex Svanevik on X , for example , and presents a corresponding price chart. The business news agency Bloomberg is also discussing gold and Bitcoin as a “safe haven” at a time when tech stocks in particular are groaning under US President Donald Trump’s China policy. Revived interest in BTC as a store of value is also demonstrated by Bitcoin ETFs, which recorded almost $1 billion in capital inflows yesterday, thus turning their monthly results positive for the first time since January.

Trump has retraced his threats to fire US Federal Reserve Chairman Jeromy Powell. But a trade war with China is still not off the table, and the major US bank JP Morgan estimates the risk of recession for the US at 60 percent. In short: investors are looking for ways to free their capital from dependence on the US economy and, in addition to gold, are increasingly turning to Bitcoin.

Even the Ethereum ETFs attracted nearly $40 million in capital yesterday, thus temporarily halting the negative trend. ETH itself was trading at nearly $1,800 on Wednesday afternoon—a positive sign after Ethereum had entered a downward spiral since the beginning of February. But in Bitcoin terms, Ethereum would have to go back to the pre-Trump era of summer 2024 to find its own ETH price momentum. An Ethereum chase to catch up with BTC is not in the air; the real competitor appears to be Solana for the time being.

Solana, like Ethereum, draws much of its meaning from the decentralized finance (DeFi) sector, a sector that appears to be gaining in appeal amid the Trump chaos. SOL has broken the $150 mark for the first time since early March, but it’s still a long way from Solana’s January all-time high of just under $300. On the other hand, Ethereum has much further to go in terms of all-time highs; ETH was once worth just under $4,900 in November 2021.

– XRP (Ripple) confirms its comeback, which was triggered by Trump’s election last November, which heralded crypto-friendly policies. XRP is currently trading at just under $2.30, up from just over $0.50 before election day. Within Ripple’s empire, the still-young stablecoin RLUSD is making noticeable progress with a significantly increasing market capitalization, which could indirectly benefit XRP as a means of payment for transaction fees.

Conclusion: Bitcoin momentum still has to prove itself, altcoins lurking

Next stop: $100,000 for Bitcoin ? If this week’s momentum continues, six-figure prices are within reach for the leading cryptocurrency, BTC. As a reminder: The current Bitcoin all-time high is just over $109,000 and was set on January 20, the day Donald Trump took over the White House.

About three months ago, Trump himself fueled optimism with pro-crypto policies – now Bitcoin is scoring points again on its own with its potential as a reserve currency similar to gold and as a hedge against the significant risks of Trump’s financial and trade policies. And when Bitcoin pumps, popular altcoins from Ethereum to XRP to Solana are quick to respond.

But experience shows that global economic turmoil can also impact Bitcoin and brutally stifle its current momentum. It will take more than a few days of gains against stock markets for Bitcoin to earn its nickname “digital gold” again.

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(Featured image by BenjaminNelan via Pixabay)

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