Bitcoin’s Green Surge: $86K and a Crypto Market Boom

Crypto Investing Hype Shifts Up: The Optimistic Movement Begins

Green started Wednesday when the crypto market was optimized for trading as volume rose over 85k. Globally, the crypto market cap also follows a rush to hover around 2.8 trillion dollars, sitting at a comfortable 1.37% fluctuation up from 24 hours at that point. The increase was mainly immense as markets jumped after Bitcoin moved above 85k, implying the potential for a bull run. Volumes spiked with an increase from retail and institutional investors; mid-January marks where it increased around 31%, totaling around $55 billion.

The Awe-inspiring Surge of Bitcoin Back to $86k

Following weeks of hovering around the $83,000 mark, Bitcoin (BTC) has skyrocketed to $86,366 showing a 2.63% increase. With this surge, Bitcoin’s market share also increased by 0.39% to 60.84%. This uptrend has solely been attributed to the inflating wave of institutional interest. In the week that ended on the 21st of March, US Bitcoin spot ETFs had an approximate net inflow of $744.3 million, which ended a five-week outflow streak. March marked the return of inflows, with iShares Bitcoin Trust (IBIT) leading the charge with $537.5 million in inflows, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) at $136.5 million, breaking its seven-week outflow streak. Since March 14th, these ETFs have experienced six consecutive sessions of inflow.

The Ethereum Dip, Mixed Performance from Altcoins

While the rise of Bitcoin has given it more limelight, Ethereum’s (ETH) slight fall to 1,982.76 resulted in a 0.74% loss. Ethereum did maintain its daily trading range of $2,020.62 to $1,981.31. Still, due to Fidelity Investments proposing the registration of a tokenized version of its USD money market fund on the Ethereum blockchain, Ethereum does remain in the spotlight. In contrast, XRP and Solana (SOL) have shown robust performances, with XRP rising nearly 2% to $2.42 and Solana soaring over 3% to $133.47, making her the top gainer among the top 10 most valuable cryptocurrencies.

FORM and TRUMP Tokens Are on Top

Form (FORM) continued to make gains from the last accompaniments, as it stood at $1.95, marking an increase of 8.462%. The closest in range was OFFERIAL TRUMP (TRUMP), which rose to $11.64, showcasing a 7.326% increase. The price increase on the TRUMP token came after a post made by the former US President Donald Trump, who labeled the meme coin ‘SO COOL’ and ‘the greatest of them all.’ This endorsement made the token surge from $10.91 to $12.11, marking an 11% increase. After all was said and done, the TRUMP token settled at $11.34. Now, while Trump is known for some bold endorsements, it should be stated that this is not the first time Trump made these remarks on the coin; back on March 28th, he also referred to it as cool and amazing.

Market Drivers and Future Expectations

Given the strength of the recovery, the cryptocurrency market surges suggest improving sentiment and greater market participation from both retail and institutional investors. Leading the way was Bitcoin’s surge, albeit altcoins also had a very mixed but positive showing in the market. This indicates that perhaps the market is in the early stages of growth. This endorsement of the Trump token by a well-known individual serves as another example of the social media and celebrity impact on the crypto market. The speed with which the crypto market evolves is astonishing, and time will tell whether this bullish market translates into a sustained bull run; investors will have the answer soon.