The biggest cryptocurrency in the world, was up 1.16 percent over the previous day at $94,662.19 at 9 a.m., according to statistics.
According to statistics, the market value of Bitcoin increased by 1.06 percent to $1.87 trillion, and the trading volume for the day was $32.12 billion.
Institutional demand, Bitcoin exchange-traded funds (ETFs), and indications of favorable crypto-related policies by the Trump administration in the US have probably contributed to the price increase.
Additionally, Arizona, a US state, is thinking about investing in a Bitcoin treasury, which would encourage other states to include digital assets into their financial plans.
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The total market value of cryptocurrencies is $2.97 trillion, which is a 1.59 percent increase over the day before.
CoinMarketCap statistics revealed that the overall market trading volume during that time was up 47.79 percent to $89.69 billion.
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The cryptocurrency market capitalization has been circling $2.97 trillion since the end of last week, according to Alex Kuptsikevich, chief market analyst at FxPro. “As we can see in the case of Bitcoin, the market has rebounded to its 200-day moving average but is reluctant to beyond it.
The markets have a neutral mood. He thought, “It appears that players like to go up with comparatively long stops.”
Bitcoin, a bull market run on the horizon?
Kuptsikevich claims that Bitcoin has entirely recovered to the consolidation levels observed in February prior to its precipitous collapse and is now stabilizing at $94,500.
Technically, the prognosis is still favorable, since the price of bitcoin is above both its 50- and 200-day moving averages. The consolidation above these levels last week was a significant move that strengthened the bullish momentum, and both indicators are currently on an upward trend.
Call options with strike prices of $95,000 for the end of April and May now dominate the bitcoin options market, according to QCP Capital, indicating that risk appetite is still high.
Given the increasing use of Bitcoin by institutions and sovereign wealth funds, Cathie Wood’s Ark Invest projects a “bullish scenario” in which the price of the cryptocurrency may reach $2.4 million by the end of 2030. According to Ark’s study, which was based on estimates of the total target market (TAM), penetration rate, and issuance of the first cryptocurrency, “BTC will reach $1.2 million in the baseline scenario and $500,000 in the bearish scenario.”
Additionally, 2025 “may be a breakthrough year in institutional adoption of blockchain technology, with stablecoins being one of the drivers,” according to Citigroup’s projection. Stabelcoin’s market value is expected to reach $1.6 trillion in the base case and $3.7 trillion in the bull market by 2030.
