Key Highlights:

• Bitcoin has surpassed $104,000 for the first time in over two months amid a recovery in the crypto market.
• Ethereum’s Pectra upgrade and political support from the U.S. are influencing gains in altcoins.
• President Trump’s optimistic stance on U.S.-China trade discussions is enhancing market sentiment.

In recent trading, Bitcoin reached close to $104,000 during early Asian hours, marking a significant bounce back for the cryptocurrency as broader market sentiment improves. Dogecoin (DOGE) saw a notable increase of 10%, while Ethereum (ETH) climbed 3.5% following its Pectra upgrade, contributing to a weekly increase of over 30%. Other cryptocurrencies such as Solana (SOL), Cardano (ADA), and Binance’s BNB also recorded gains ranging from 2% to 6%, reflecting a shift in investor sentiment towards a more risk-on approach.

Recent developments in the U.S. include New Hampshire passing legislation for a strategic Bitcoin reserve and Arizona supporting crypto reserves.

Furthermore, Trump’s positive comments regarding China trade talks have helped mitigate market concerns. As reported by Jeff Mei, COO at BTSE, this could encourage investments back into cryptocurrencies, driving Bitcoin towards its all-time high, which is just slightly above January’s peak of $108,700.

Analysts suggest that the current trends could signify a major recovery for the crypto market, as it gains traction amid shifting investor perspectives and legislative support for digital assets.

Lastly, Ethereum’s recent surge is attributed not only to increased institutional interest but also to the efficacy of its Pectra upgrade aimed at enhancing its competitive edge in the rapidly evolving crypto landscape.