Bitcoin’s price surge has triggered a broader recovery in the cryptocurrency market, with XRP, Dogecoin, and Cardano also showing notable gains. As of today, Bitcoin has reclaimed the $83,000 mark, effectively reversing the recent drawdowns seen across major cryptocurrencies.
Bitcoin (BTC) is leading the charge, with a 4.68% increase over the past 24 hours, trading at $83,014. The coin’s price climbed from a low of $76,624 to a high of $83,577 before stabilizing. Along with the price increase, Bitcoin’s trading volume surged by 3%, reaching $57 billion. This positive momentum is also reflected in the broader market, which saw a 4.51% rise in the total crypto market cap, now at $2.69 trillion.
The resurgence of Bitcoin has helped lift other altcoins from recent lows. XRP, for instance, gained 7.42% to reach $2.193, recovering from a low of $0.1453. Dogecoin saw a 7.67% increase, reaching $0.1669, while Cardano’s price also rebounded after a dip to $0.76.
This market turnaround is largely attributed to a recent catalyst: the re-introduction of the Bitcoin Bill by Senator Cynthia Lummis on March 11. The bill aims to support the U.S. government’s Bitcoin strategy, which was initially outlined in a previous executive order by President Donald Trump. Investors have responded positively to this development, pricing in the potential benefits for Bitcoin and the wider crypto ecosystem.
The rally is also supported by a rise in active addresses on the Ethereum network, which has boosted sentiment around other altcoins such as XRP, Cardano, and Dogecoin. The correlation with Bitcoin further contributes to their price increases.
However, despite the impressive gains, market analysts caution that the recovery may not be smooth sailing. Some experts, including BitMEX co-founder Arthur Hayes, anticipate further corrections in the coming weeks, with a potential BTC price bottom of $70,000 in this cycle. Nonetheless, there is consensus that the market will eventually hit new highs, with future rallies likely to be more selective in nature.
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