Bitcoin reached an eight-week peak near $97,000. This surge followed easing inflation worries and positive regulatory news. Strong inflows into Bitcoin ETFs also boosted confidence. Major altcoins saw declines. The cryptocurrency market capitalization neared $3.25 trillion. Bitcoin and Ethereum showed resilience amid economic uncertainty. Institutional demand appears to be returning.
Bitcoin climbed to an eight-week high of nearly $97,000 as inflation concerns eased and after the United States (U.S.) Supreme Court declined to rule on international trade tariffs. The cryptocurrency was trading at $96,031 on Thursday.
Over the past 24 hours, Bitcoin gained 0.68%, while Ethereum fell 1.42%. During the same period, major altcoins — including BNB, XRP, Solana, Dogecoin and Hyperliquid — declined by more than 4%, whereas Tron edged up by about 0.06%.
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Piyush Walke, Derivatives Research Analyst at Delta Exchange, said the rally was driven by a combination of favourable U.S. inflation data, positive regulatory developments related to a crypto bill, and strong net inflows into spot ETFs. As a result, the global cryptocurrency market capitalisation is now close to $3.25 trillion, reflecting renewed investor confidence.
Overall, crypto markets remain in positive territory, with Bitcoin and Ethereum demonstrating resilience amid macroeconomic uncertainty, indicating that near-term momentum continues to favour the bulls, Walke added.
Over the past week, Bitcoin and Ethereum gained 5.84% and 4.80%, respectively, while major altcoins such as BNB, Solana, Tron and Cardano rose by more than 5%. In contrast, Dogecoin and Hyperliquid declined by over 5% during the same period.
CoinSwitch Markets Desk said BTC surged past $97K to an eight-week high, triggering heavy short covering with over $829M in BTC shorts liquidated in the past 24 hours, and the move was reinforced by roughly $750M in net inflows into U.S. spot Bitcoin ETFs, marking the largest single-day intake in nearly three months and signaling renewed institutional demand.
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The crypto markets are consolidating following a significant push above the local threshold. Russia is set to finalize a draft bill to legalize crypto trading.
Dollar weakness and regulatory clarity supported Bitcoin’s move higher over the past 24 hours, while rising oil prices and FX volatility kept broader risk appetite in check.
Crypto markets are seeing measured pullbacks rather than panic selling. Bitcoin is trading near $96,300 (-0.6%), while Ethereum is around $3,315 (-1.1%). Bitcoin continues to outperform Ethereum, suggesting investors are favoring liquidity and perceived safety within crypto as macro uncertainty rises.
