The global cryptocurrency market cap held strong above $3.1 trillion on Thursday as bullish macroeconomic indicators and positive geopolitical developments fueled investor confidence. Major cryptocurrencies, including Bitcoin and Ethereum, broke through key resistance levels, while several altcoins recorded significant gains.
Why Is the Crypto Market Rising Today?
Market sentiment received a major boost following former U.S. President Donald Trump’s announcement of a new trade agreement with the United Kingdom. The news, which had been partially anticipated by traders, contributed to a broad-based rally across digital assets.
Trump also hinted that additional trade agreements are under discussion, further elevating market optimism. Meanwhile, confirmation of ongoing talks between U.S. and Chinese officials regarding existing tariffs added to the positive mood. These developments are expected to attract further capital into cryptocurrency markets during U.S. trading hours.
Bitcoin Price Breaks $100,000
Bitcoin price reached a multi-month high on Thursday, briefly touching $101,525 according to data from TradingView. This marked the first time since February that BTC tested the psychologically important $100,000 resistance level.
Trading volume also saw a dramatic increase, doubling from $35 billion at Wednesday’s close to over $76 billion. Rising volume during a price breakout often signals sustained bullish momentum, as it indicates strong buyer interest even at higher price levels.
Altcoin Market Update: Ethereum Leads the Rally
Ethereum and several Ethereum-based tokens outperformed Bitcoin, thanks to a combination of favorable macroeconomic conditions and ecosystem-specific catalysts.
The recent successful implementation of the Pectra upgrade on Wednesday coincided with a bullish macro environment, including renewed trade optimism and the Federal Reserve’s decision to pause interest rate hikes for the third consecutive time.
A technical coincidence further accelerated Ethereum’s rise. During the Pectra rollout, major exchanges like Coinbase temporarily disabled ETH withdrawals. This artificially reduced selling pressure at a critical moment, allowing ETH to rally more than 13% in a single day.
At the time of writing, Ethereum traded at $2,002, surpassing Bitcoin’s 4% daily gain.
Today’s Chart: Ethereum Ecosystem Volume Spikes 30%
The total market capitalization of the Ethereum ecosystem surged to $535 billion, while trading volume increased by 30% over the past 24 hours. This reflects growing investor interest in Ethereum-based projects following the Pectra upgrade’s successful deployment.
Among the top-performing Ethereum-native tokens were:
- PEPE: Up 17.0% to $0.000006, benefiting from renewed meme coin momentum and whale activity.
- Virtuals Protocol (VIRTUAL): Gained 21.0% to trade at $1.62, driven by speculative inflows into new DeFi infrastructure.
- Chainlink (LINK): Rose 9.4% to nearly $15, supported by growing cross-chain integration narratives and its inclusion in portfolios associated with Trump-affiliated entities.
- AAVE: Increased 10.6% to break $187, reflecting renewed interest in Ethereum-based lending platforms.
Top Layer-1 Altcoin Performers
Several major layer-1 blockchain tokens also posted notable gains:
- Ripple (XRP): XRP rose 4.7% to $2.23, with increasing daily volume suggesting renewed momentum despite ongoing legal challenges.
- Cardano (ADA): Gained 8.1% to $0.7246, buoyed by general layer-1 optimism. A break above $0.75 would confirm continuation of the upward trend.
- Dogecoin (DOGE): Increased 8.3% to $0.1863, though it approached overbought levels on the RSI indicator. Social sentiment remains a key short-term driver.
- Solana (SOL): Rose 8.0% to $157.76, as increased network activity helped counterbalance volatility from meme coin speculation.
In summary, the global cryptocurrency market cap now stands at $3.21 trillion, with a 24-hour trading volume of $173.2 billion. These figures indicate strong capital inflows into risk assets globally.
Ethereum’s strong post-upgrade performance and the spillover effect into its ecosystem projects may signal the beginning of a major altcoin season—especially if Bitcoin continues to consolidate near key levels, as often occurs during periods of increased investor risk appetite.
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Cryptocurrency News Updates
U.S. OCC Allows National Banks to Trade Crypto on Behalf of Clients
The Office of the Comptroller of the Currency (OCC) has granted national banks the authority to buy and sell cryptocurrencies on behalf of their clients. According to the new guidance, banks may also outsource custody and trade execution services to third-party providers.
The ruling emphasizes the need for a robust risk management framework, requiring institutions to demonstrate their ability to handle operational and security challenges.
Ethereum Foundation Allocates $32 Million for Ecosystem Development in Q1 2025
The Ethereum Foundation announced it has allocated $32 million in grants during the first quarter of 2025.
The funding is intended to strengthen the Ethereum ecosystem through investments in community projects, developer tools, cryptography research, and core infrastructure improvements.
According to the Foundation, these grants will support a wide range of initiatives, including improvements to developer experience, educational programs, zero-knowledge proof technology, and ongoing execution-layer development.
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Frequently Asked Questions
What caused Bitcoin to break $100,000?
Bitcoin’s breakout was driven by a combination of positive macroeconomic news, including new trade agreements and ongoing tariff negotiations, along with a surge in trading volume indicating strong buyer interest.
How did the Pectra upgrade affect Ethereum’s price?
The upgrade improved network functionality and coincided with a temporary reduction in selling pressure due to exchange withdrawal pauses, creating ideal conditions for a price rally.
Why are altcoins performing well?
Altcoins are benefiting from increased risk appetite among investors, successful network upgrades, and growing institutional adoption of blockchain technology.
What is the significance of the OCC’s new ruling?
The decision allows traditional banks to offer cryptocurrency trading and custody services, significantly expanding institutional access to digital assets.
How does trade policy affect cryptocurrency prices?
Trade agreements and tariff negotiations influence global market sentiment, often driving capital into alternative assets like cryptocurrencies during periods of economic optimism.
Are meme coins like PEPE a good investment?
Meme coins are highly speculative and driven largely by social sentiment. While they can offer significant short-term gains, they also carry substantial risk due to volatility and lack of fundamental value.