Bitcoin Price Surges Past USD 90,000 Mark as Crypto Market Recovers From Miserable Past Few Weeks

After suffering a miserable past few weeks, the crypto scene appears to be alive again. While the cryptocurrencies are trading low in the day's trade on Monday, March 3

After suffering a miserable past few weeks, the crypto scene appears to be alive again. While the cryptocurrencies are trading low in the day's trade on Monday, March 3, it has fared far better than it had in the recent past.

Crypto Market

According to CoinMarketCap, as per the most recent data available, the largest cryptocurrency has seen a surge of 8.14 per cent, pushing it past the USD 90,000 mark yet again.

In the past five trading sessions, as per information available in the public domain, the value of Bitcoin has increased by 10.17 per cent or around USD 8,553.75 per unit.

This taken the overall value of the cryptocurrency to USD 92,698.34, inching closer to the landmark USD 1,00,000 mark.

When we look at the other bigwig in the cryptocurrency market, Ether has also made some progress in the recent trade.

As per recent data available, Ether has increased in value by 4.54 per cent or USD 105.85 in the past five trading sessions. This has taken the overall vale of the virtual coin to USD 2,439.77.

Also Read: Stellar Lumens, Cardano & Chainlink Price Analysis: 27 March

On the other hand, if we look at the third cryptocurrency on the scene, then we can see that Ripple has managed to decrease in value by 0.22 per cent or USD 0.07, taking the overall value to USD 31.53.

However, in the past 5 days, it has increased by 27.57 per cent or USD 0.60, taking the overall value to USD 2.80.

Trump's Major Announcement

This surge comes to pass after a major decision by US president Donald Trump. Trump, on Sunday, announced the creation of a strategic crypto reserve for the United States. This includes the likes of Bitcoin, Ripple and Ether.

In a post on Truth Social Trump said the following, "A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!"

Dollar's Rise

In addition, this comes at a time, when the US dollar has found some strength in the recent past.

The US Dollar index, which shows the strength of the world's reserve currency against a basket of other currencies around the globe, has take the overall value 107.23.

While it has suffered a decline of USD 0.38 or 0.35 per cent in the most recent trading session, the Dollar has improved ist position compared to last week, particularly around March 2.