Hassan Maishera
TL;DR
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BTC is trading above $71k, up nearly 3% in the last 24 hours as altcoins rally higher.
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The broader crypto market, with a capitalization of around $2.4 trillion, has remained in a tight band since late January.
Bitcoin Reclaims $71k as Market Consolidation Persists
The cryptocurrency market is trading in the green on Friday after Bitcoin and other major coins recorded gains.
Bitcoin, the leading cryptocurrency by market cap, is up 2.75% in the last 24 hours and now trades at $71,234 per coin.
The positive performance comes amid a much shakier backdrop in traditional markets. Asian stocks slipped earlier Friday, and the S&P 500 has struggled this week as oil prices surged toward $100 per barrel amid geopolitical tensions in the Middle East and supply disruptions.
Bitcoin and other major altcoins are ignoring the pressure from the traditional markets at the moment.
Ether, the second-largest cryptocurrency by market cap, has reclaimed $2,100 after adding more than 3% to its value. Cardano’s ADA has also reclaimed its 10th spot in the market after briefly losing it to Hyperliquid’s HYPE.
Analysts are confident that the broader crypto market could rally in the near to medium term. Alex Kuptsikevich, chief market analyst at FxPro, stated that Bitcoin is feeling more confident at levels near $70K, settling at the upper limit of the consolidation range of the last four weeks. It is difficult for Bitcoin to grow amid a strengthening dollar and falling stock indices.
"But the very fact that it is holding steady against this backdrop supports hopes for a fundamental change in sentiment compared to previous months, when almost any news was a reason to sell BTC,” the analyst added.
The total cryptocurrency market cap now reads $2.43 trillion, up 2.5% in the last 24 hours.
