Crypto Market Soars as Rate Fears Eases and Institutional Demand Returns
The cryptocurrency market experienced a significant surge on Thursday, driven by easing rate fears, Treasury liquidity measures, and renewed institutional demand.
Bitcoin's price surpassed $81,000, a level not seen in five days, while Ethereum rebounded above $2,490. XRP led other major tokens, with its price increasing approximately 10%.
The total cryptocurrency capitalization rose by 5% over 24 hours, indicating broad gains across the market. Bitcoin's price climb of nearly 5% added $3,200 to its value within four hours.
Cooling US labor data and falling rate expectations contributed to the rally, as investors favor potential rate cuts that tend to boost risk assets. Treasury yields decreased, and the dollar weakened in response to the jobless claims numbers.