Bitcoin rallies to $86,342 as crypto market cap hits $2.95 trillion
Bitcoin's price surged to $86,342 on October 5, marking a 1.83% gain in early trading and a 3.44% increase over the past week. The broader cryptocurrency market also showed improvement, with the total market capitalization rising 1.86% to $2.95 trillion, up from $2.90 trillion a week ago and $2.68 trillion a month ago.
Bitcoin's market dominance stood at 59.15%, reinforcing its leadership in the crypto space. Within the CMC20 index, Bitcoin held a 69.24% weight, while Ethereum accounted for 13.25%, indicating that the performance of the index remains heavily influenced by these two major assets.
Nischal Shetty, Founder of WazirX, noted that rising global bond yields could create a more restrictive liquidity environment for crypto markets. With the US Treasury yield reaching 5.34%, investors may prefer lower-risk government debt over volatile assets like Bitcoin, potentially slowing institutional allocations to cryptocurrencies. In India, crypto sentiment may be influenced by the RBI’s policy decisions, inflation outlook, and rupee movement.
Looking ahead, Bitcoin faces resistance at $88,500 and support at $83,000. The overall market recovery points to improving digital-asset valuations.