Bitcoin climbs past $84,000, an eight-month high as altcoins surge
Macro & Markets ·
Bitcoin rebounded sharply to surpass $84,000 for the first time since late January, lifting altcoins and pushing the total crypto market capitalization up $70 billion in a day to $2.810 trillion.
The move followed a rough prior week for the market. A US Senate vote against advancing the CLARITY Act and a Federal Reserve interest rate hike, its first since July 2023, had sent bitcoin down to a multi-week low of $75,000. The asset recovered over the following days, clearing $80,000 and then stalling near $82,000 as tensions in the Middle East and continued Russia-Ukraine hostilities weighed on sentiment. Momentum resumed after bitcoin reclaimed the 50-week moving average from the $80,000 support level, propelling it to just over $84,000 before it settled back above $83,000.
Ethereum touched a multi-week peak of over $2,700, while XRP moved past the $1.40 support to trade at $1.45. Solana rose to $115 and BNB climbed to $780, with double-digit gains reported across XMR, AVAX, TAO, NEAR, SUI, and other mid-cap tokens outperforming larger-cap altcoins.
The broader rally comes as the market weighs several upcoming catalysts. A separate outlook piece flagged Federal Reserve speeches, PMI data, and a planned Trump-Xi meeting this week as potential drivers of crypto sentiment, according to CryptoPotato. Four distinct sources have covered the price move, underscoring how closely the market is tracking bitcoin's recovery from last week's volatility.
What remains unclear is whether the rally can hold above $84,000 given the unresolved geopolitical tensions that briefly stalled gains near $82,000 over the weekend. Traders are also watching how the Fed's rate posture, incoming economic data, and diplomatic developments this week might affect the market's current momentum.