Bitcoin holds firm above $105,000 global markets brace for turbulence amid renewed cross-border tensions.
Geopolitical trends often ripple strongly throughout the financial markets, not sparing assets from bloodbaths or rallies depending on the nature of the headlines. The renewed US-China tariff standoff is beginning to weigh on equity markets, with traders bracing for a potential spike in volatility as the stock markets slide. Despite the pressure, the crypto sector has held firm, led by Bitcoin (BTC) in a modest uptick in recent hours.
BTC briefly climbed above $106,000 before settling to trade at its current $105,425 at the time of writing, marking a rebound from its dip below $104,000 earlier in the week.
Despite sitting 8% below its all-time high of $112,000, the crypto king remains at a distance from its peak, signaling underlying strength in its performance.
Altcoins including Ethereum (ETH), Solana (SOL), Cardano (ADA), Ripple (XRP) followed suit. Leading the charge, ETH and SOL notched approximately 5% in gains to trade at $2,605 and $160, respectively. ADA and XRP also held steady with upticks within the 3% range.
Memecoins were not left out, joining the positive trend with impressive performance. Dogwifhat (WIF) and Popcat (POPCAT) surged as much as 16% over the past 24 hours, while others like Dogecoin (DOGE), Bonk (BONK), and Pepe (PEPE) followed with more modest gains of up to 5%.
Analysts describe Bitcoin’s current price action as a crucial ‘retest phase,’ as part of its effort to establish support before launching into the next leg of price discovery.
While gains remain modest, market watchers are excited for the uptrend in altcoins to continue. As sentiment improves, the current momentum could act as a springboard for a broader bull phase across the crypto market.
