Bitcoin Surges Past $80,000 on Ethena Rally and Institutional Demand
Bitcoin reclaimed the $80,000 level on Aug. 28, trading at $80,351.03, up 1.86% from the previous day as the cryptocurrency market extended its recovery.
Ethena led all major tokens with a 27.59% surge, while SPX6900 posted the largest decline at 4.89%. Solana gained 5.79% to $107.64, building on a 40% weekly rally supported by eight consecutive days of spot ETF inflows and renewed whale activity.
Ethereum held near $2,500, with analysts debating whether a decisive break above that level could trigger a move toward $3,000. Bitcoin's outlook remains contested, with some traders warning of a potential slide below $60,000 if the asset fails to clear resistance near $82,000 to $83,000.
CryptoQuant suggested current conditions may represent the early phase of a bull market.