Key Points:
- Bitcoin surpassed $92,000 on Thursday morning, while other cryptocurrencies experienced gains as traders look forward to the inaugural White House Crypto Summit on March 7.
- The market experienced a significant upswing of 12% after President Trump’s announcement about a strategic reserve for tokens, but concerns arose due to lack of clear plans and new U.S. tariffs.
- Bitcoin currently represents over 60% of the crypto market share, with Ethereum dropping to a five-year low of 9%, indicating potential trouble for altcoin investors.
Bitcoin surpassed $92,000 during the Asian morning hours on Thursday, as major cryptocurrencies jumped nearly 5%, as traders anticipate direction from the upcoming White House Crypto Summit scheduled for March 7.
The rise saw BTC hit $92,700 before profit-taking reduced its value to $90,800 by European morning hours. Dogecoin led the gains, rising 10%, while Cardano and Solana increased by 6%.
However, XRP and BNB only noted modest increases around 2.5%, falling short of the 3.5% rise in the CoinDesk 20 (CD20).
Thursday’s pricing seen today helped nurture bullish sentiments after volatility in the crypto markets earlier this week due to President Donald Trump announcing plans for a token strategic reserve, including XRP, ADA, and ETH, which catapulted market prices by 12% on Sunday.
Yet, traders are now awaiting more concrete plans ahead of the summit, causing market adjustments in response to impending tariffs introduced on Tuesday.
Analysts expect clearer objectives to emerge from the summit, which could significantly influence cryptocurrency prices.
“The upcoming summit is viewed as a high-stakes event,” advised QCP Capital, who conveyed in a Wednesday message, “Will it catalyze a price surge or reveal vulnerabilities in the crypto sector, prompting a larger sell-off?”
According to Alex Kuptsikevich, the senior market analyst at FxPro, the fact that Bitcoin holds a market share of over 60% is a sign of fear among investors, with Ethereum’s low of 9% indicating further concerns for altcoin traders.
“Bitcoin’s performance remains cautious, currently flirting with the notable 200-day moving average,” he added, underscoring the importance of monitoring ongoing market dynamics.
