Crypto Alerts: Bitcoin Crosses $1,01,600, PI Coin Jumps 10%; What Is Driving Cryptocurrencies?

The global crypto market cap is $3.16T, a 5.52% increase over the last day, as per CoinMarketCap. Bitcoin crossed over $1,01,600 mark, and rose by nearly 6%. Its counterparts like Ethereum, XRP, BNC, Solace, and Elon Musk-backed Dogecoin climbed by 3% to 15% as well. The new entrant PI Coin also join the bandwagon of bulls, with nearly 10% upside.

The cryptocurrency market witnessed major bull run after US and UK announced historic trade deal that will boost their economies. Notably, cryptocurrencies were trading higher for the past 24 hours, after US Fed decided to keep interest rates unchanged to 4.25% to 4.5% for the third time in a row.

"After more than two months of consolidation below the century mark, Bitcoin has finally started charging toward $100,000. This surge is a powerful testament to the asset's resilience and maturity as the cryptocurrency market takes its place alongside traditional asset classes. Over this period, long-term investors have accumulated BTC at every significant dip, making this likely the last meaningful opportunity to acquire BTC below $100,000. Major institutions are now positioning for the second leg of this rally, eager to leverage the momentum and protect against inflation. However, the ever-present geopolitical risk, amplified by escalating tensions between India and Pakistan, underscores that even at new heights, volatility may lie ahead," said Himanshu Maradiya, Founder and Chairman, CIFDAQ Group.