Bitcoin surges 6% to $92,000 mark; Dogecoin, Solana rises up to 8%; Here’s why

Biggest cryptocurrency Bitcoin surged as much as 6 per cent on Thursday as investor confidence strengthened following U.S. President Donald Trump’s decision to postpone auto import tariffs for a month.

As of 10:39 AM IST, Bitcoin climbed 6 per cent to $92,168, while Ethereum saw a 5.5 per cent surge, reaching $2,294. The global crypto market cap increased by 5 per cent to $3 trillion over the past 24 hours. Altcoins also experienced gains, with Cardano rising 3.3 per cent, Solana up 4.7 per cent, Dogecoin soaring 8 per cent, and XRP advancing 3 per cent.

“Bitcoin’s wild price movements continue to captivate the crypto world, with dramatic shifts from $81,000 to $89,000 in just hours. This volatility is indicative of the market’s continued dynamism, and what we’re witnessing is far from typical. As Bitcoin flirts with the $90,000 mark, we’re seeing some interest, particularly from retail investors,” said Avinash Shekhar, Co-Founder&CEO,Pi42.

What’s behind the rally?

Bitcoin’s market capitalization increased to $1.928 trillion, holding a 60.71 per cent market dominance. Meanwhile, its 24-hour trading volume dropped by 14.7 per cent to $50.96 billion. Stablecoins dominated crypto trading, making up 94.15 per cent of the total volume, which reached $110.66 billion, as reported by CoinMarketCap.

“Trump’s announcement of a U.S. Crypto Strategic Reserve is a landmark move. This reserve comprising Bitcoin, Ethereum, XRP, Solana, and Cardano which are fundamentally robust assets is a welcome sign for the industry. These networks are battle-tested, offering security, scalability, and innovation that drive the digital economy forward. This reserve not only adds credibility to crypto but also sets a precedent for other nations to fast-track regulations and embrace digital assets responsibly,” said Raj Karkara, COO, ZebPay.

Several major altcoins, such as Tron, Pi Coin, Chainlink, and Hedera, saw gains of up to 15 per cent, while Stellar, Avalanche, Sui, Litecoin, and Shiba Inu increased by as much as 12 per cent.

“Institutional interest appears more mixed. ETF flows has been a concern, with only one inflow in the last 10 days, while outflows continue to be a concern. This is a pivotal moment for Bitcoin, as it maintains dominance over altcoins, and we’re seeing impressive gains across the board, from Chainlink and Cardano to Ethereum and Ripple. The total market cap hitting $3 trillion is a testament to the growing confidence in the space. These fluctuations are not just momentary, but they highlight the resilience and potential of the broader crypto ecosystem as it continues to evolve. As always, it’s a thrilling time to be in the cryptocurrency space, with opportunities for both risk and reward,” Shekhar added.

(With inputs from agencies)

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