Bitcoin Nears Record High as Crypto Market Cap Hits $2.89 Trillion

Bitcoin's price surged to $84,355.66 in the past 24 hours, nearing its recent record high near $85,000.

This increase comes as the broader market stabilizes, with the crypto market cap reaching $2.89 trillion and a 24-hour trading volume of $99.31 billion.

Experts believe that Bitcoin's performance is linked to traditional markets, with a strong correlation between its price and the S&P 500 over seven days.

However, Alex Kuptsikevich, chief market analyst at FxPro, cautions that the crypto market remains in a short-term downtrend as long as it stays below $2.90 trillion.

Kuptsikevich points to Ethereum as a key token to watch, highlighting its seventh consecutive week of growth and avoidance of a deep correction.