- Bitcoin surged past $94,000, reinforcing its role as a digital store of value amid rising institutional inflows.
- XRP led altcoin gains with an 8% jump following ETF approval, sparking hopes of a broader altcoin rally.
Bitcoin (BTC) has soared above $94,000, strengthening its status as a digital store of value amid increasing institutional interest and shifting investor sentiment. With year-to-date gains now in the green and a 48% return over the past year, Bitcoin continues to dominate the crypto market, holding 63.4% of total capitalization.
Analysts from NYDIG Research suggest a clear narrative shift: investors are treating Bitcoin less like a speculative asset and more like a long-term hedge, akin to gold or the U.S. dollar. Its surge follows heightened interest from traditional finance, especially after over $3.4 billion in net inflows into spot Bitcoin ETFs last week.
Also read: Shiba Inu (SHIB) Breaks Key Resistance: Analysts Predict 100% Rally to $0.00003
Technically, Bitcoin is riding a bullish ascending channel, having broken through key resistance above $90,000. With the current price near $94,400, analysts eye a breakout toward the $100,000–$106,000 range. Still, traders remain cautious of potential profit-taking and exhaustion, with downside support levels at $91,800 and $88,000.
Meanwhile, XRP led major altcoins with an 8% surge following news of a ProShares ETF tied to three XRP futures products set to launch April 30. The announcement sparked broader, albeit uneven, gains across the altcoin market. Cardano (ADA) climbed over 3%, while Solana and BNB posted smaller increases. Privacy coin Monero briefly spiked 40% before settling with a 17% daily gain.
Despite the XRP-led momentum, broader altcoin rallies remain tepid. The Altcoin Index sits at a low 18, reflecting Bitcoin’s firm grip on market dominance. Former BitMEX CEO Arthur Hayes believes altcoins may begin to rally once Bitcoin surpasses the $110,000 mark, but he warns the surge may not lift all boats equally.
Market watchers like Crypto Rover and Wimar.X remain bullish, pointing to technical breakout patterns and a possible historic altcoin cycle. However, with volatility high and Bitcoin absorbing most institutional attention, timing remains uncertain.
As Bitcoin inches closer to the $100K milestone, the question isn’t whether altcoins will move—but when, and how fast.
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