Bitcoin Eyes $100K as Bullish Winds Lift Crypto Markets

The crypto market caught fire on Thursday, with Bitcoin surging past the $93,000 mark and other major tokens climbing as much as 15%. This rally comes on the heels of a weakened U.S. dollar, upbeat market sentiment, and growing institutional demand, breathing new life into digital assets.

According to CoinMarketCap, Bitcoin soared 6.65% to $93,847.25, bringing its market cap to nearly $1.85 trillion. Daily trading volumes skyrocketed by over 50%, crossing $56.5 billion in just 24 hours. Though Bitcoin still trails its January peak of $109,114.88, the bulls seem to be gearing up for a fresh charge.

A notable indicator of sustained momentum? A decline in exchange inflows, hinting that fewer investors are rushing to sell. “If this trend holds, we could see Bitcoin test $100,000 soon, with support strengthening around $88,000,” noted Alankar Saxena, Co-founder & CTO at Mudrex.

Adding more fuel to the fire, Himanshu Maradiya, Founder & Chairman of CIFDAQ Group, pointed to broader macroeconomic trends. “With the U.S. Dollar Index hitting a 3-year low, the stage is set for crypto growth,” he said. Maradiya also highlighted the appointment of Paul Atkins as the new SEC Chairman, signaling a potentially more crypto-friendly regulatory environment.

As the market watches closely, one thing is clear: momentum is back, and the crypto community is bracing for a potentially historic move.