As of 12:06 pm IST, Bitcoin was trading at $98,816, up 2.3%, while Ethereum rose 4.1% to $1,903. The global crypto market capitalisation jumped 2.52% to $3.06 trillion, according to CoinMarketCap.
Meanwhile, Altcoins also saw widespread gains, led by Sui and Polkadot. Sui jumped 7.8%, Polkadot 7.7%, Chainlink and Avalanche gained 5% each, and Shiba Inu rose 4.5%. Dogecoin, Cardano, Solana, and Tron also posted gains between 2–5%.
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Analysts said the rally was backed by macro developments, including expectations of rate cuts and continued liquidity injections by central banks.In a widely anticipated move, the Federal Reserve left the policy rate unchanged between 4.25% and 4.50%, but acknowledged rising risks from inflation and unemployment. Fed Chair Jerome Powell noted uncertainty around economic growth, which has tempered market expectations for a rate cut in June, now priced at just 20%. However, the probability of a cut in July rose to 70%.
“Bitcoin has decisively breached the $97,500 resistance level after the US FOMC meeting, signaling renewed bullish momentum,” said Vikram Subburaj, CEO of Giottus Crypto Platform. “The Fed’s comments hinted at Q2 rate cuts, fuelling risk-on sentiment.”Adding to the momentum, US President Donald Trump said he would announce details about a new trade deal, while also calling for lower interest rates. Though his statements carry political weight, analysts said they add to the overall market sentiment favoring risk assets.“Bitcoin’s surge is mainly macro-driven, fueled by expectations of Fed rate cuts and Trump’s vocal push for lower interest rates,” said Ryan Lee, Chief Analyst at Bitget Research. “Institutional inflows, ETF demand, and whale accumulation are supporting a sustained move higher. Still, volatility may arise near the $100K mark due to profit booking or tariff-related uncertainties.”
A fresh wave of liquidity from central banks, particularly China’s easing measures and the Fed’s recent $34 billion in bond purchases, has also helped support crypto valuations.
“Bitcoin is holding strong above $98,700, attempting a breakout past the $100,000 level,” said Edul Patel, Co-founder and CEO of Mudrex. “The Fed’s return to quantitative easing and China’s liquidity moves have created a supportive macro backdrop. A move past $99,300 could trigger short liquidations, pushing Bitcoin further.”
Bitcoin’s market cap climbed to $1.96 trillion, while trading volume surged 54.6% to $50.38 billion. Stablecoins dominated trading activity, accounting for 90.8% of all transactions. However, Bitcoin’s dominance in the overall market declined slightly to 64.1%.
As the market awaits confirmation of a breakout, all eyes remain on the psychological $100K level, which could act as both a milestone and a resistance point in the current cycle.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)