- Bitcoin surged past $98K, hitting its highest level since February, while market dominance rose to 64.4%.
- Ethereum bounced from $1,788, with analysts eyeing a breakout to $2,100 in the next two weeks.
- Altcoins like EOS, Stacks, and Zcash posted strong gains as traders anticipate a potential altseason if BTC dominance hits 71%.
Bitcoin finally busted through the $98,000 mark overnight, hitting a level not seen since February 21. Earlier in the day, the leading cryptocurrency struggled to breach the mid-$97,000s but gained steam, pushing higher as market sentiment shifted. Bitcoin dominance climbed to a yearly high of 64.4%, signaling a strong capital shift from altcoins to BTC.
Ethereum also staged a recovery, bouncing from an intraday low of $1,788.69 after a volatile session where trading volume spiked 220%. Crypto analyst Michaël van de Poppe said ETH is “holding above a crucial level” and could break out to $2,100 within the next two weeks. Meanwhile, over $184 million in crypto liquidations hit the market, with bearish bets making up the bulk of the wipeout.
Altcoin Leaders and Market Sentiment
Some altcoins managed to outshine the broader market. EOS jumped 16.78% to $0.8168, Stacks rose 9.62% to $0.892, and Zcash gained 5.10% to reach $40.32. Despite Bitcoin’s dominance rising, Rekt Capital believes a full-blown altseason could kick off if BTC dominance hits 71%, a level currently just 6% away.
The Crypto Fear and Greed Index showed a strong “Greed” sentiment, with traders increasingly bullish on Bitcoin’s momentum. Still, 63% of Bitcoin derivatives traders on Binance are betting against BTC, indicating lingering skepticism despite the rally.
Stocks and Fed Watch
Wall Street didn’t sit idle either. The Dow Jones gained 284.97 points to close at 41,113.97, while the S&P 500 edged up 0.43% to 5,631.28. The Nasdaq climbed 0.27%, finishing at 17,738.16. Fed Chair Jerome Powell warned that Trump’s tariff moves could spark inflation and weigh on economic growth, a sentiment that kept investors on edge as the central bank held interest rates at 4.25%–4.50%.
