Bitcoin Blazes Past $87,000 as Crypto Market Surges

Bitcoin surged past $87,000 to an eight-month high on Tuesday, its strongest level since late January. The cryptocurrency's rebound has been driven by a combination of factors, including easing macro pressure and renewed institutional demand through spot exchange-traded funds (ETFs).

The broader crypto market also joined the rally, with global market capitalization rising to around $2.92 trillion, up nearly 5% over the past 24 hours.

Among major tokens, XRP led gains with a 7.1% jump to $1.52, followed by Solana at 5% to $116.67. Ethereum rose 3% to $2,739, while BNB gained 1.6% to $790.

Riya Sehgal, Research Analyst at Delta Exchange, noted that the broader macro environment has turned more favorable for risk assets, with oil prices easing from recent highs and the US 10-year Treasury yield retreating from the 5% level.