Bitcoin Surges Above $92,000 Ahead of White House Crypto Summit
Bitcoin surpassed $92,000 during Asian trading hours on Thursday, peaking at $92,700 before profit-taking reduced it to $90,800 in Europe. Major cryptocurrencies saw gains, with Dogecoin increasing by 10%, while Cardano’s ADA, Solana’s SOL, and ether rose by 6%. XRP and BNB Chain's BNB experienced modest increases of 2.5%.
Recent price movements followed President Trump's announcement of a strategic reserve including tokens like XRP, ADA, and ETH, which initially boosted the market by 12%. However, uncertainty about concrete plans ahead of the upcoming White House Crypto Summit on March 7 has led to cautious trading.
Key points include:
- Bitcoin's market dominance exceeds 60%, indicating investor caution.
- Ether's market share dropped to a five-year low of 9%, suggesting potential risks for altcoins.
- Analysts are monitoring corporate bond spreads as an indicator of market conditions.
- A return above $97,000 is seen as a bullish signal for Bitcoin.
The crypto market remains volatile as traders await developments from the summit, which some view as a critical event that could either propel prices higher or expose underlying weaknesses.