BTC Surges to $2.92T as Crypto Market Rises Amid Favourable Fundamentals

The crypto market has seen a 1.4% rise over the past 24 hours to reach $2.92 trillion in value, after briefly peaking at $2.94 trillion as stop orders were triggered.

This surge comes despite the dollar strengthening, with the move driven by a flight from European assets and a declining likelihood of an October policy tightening by the Fed.

BTC has recorded its best third quarter since 2017, posting a 42.7% gain, while US spot Bitcoin ETFs have seen investors pour in $6.34 billion over the three months, compared to outflows of around $5 billion in the second quarter.

Citigroup has raised its 12-month forecast for BTC from $82,000 to $113,000, citing increased activity in the crypto market and a favourable macroeconomic backdrop as key factors.