News

Bitcoin Hits $94,500 All-Time High While Crypto Market Drops 1% Today

Key Points:

Bitcoin hits a new all-time high at $94,202, gaining 1.92% in 24 hours!
The market drops 1% in the same period, showing mixed performance.
ETH/BTC falls below 0.033, a low not seen since April 2021.

According to Coinmarketcap, Bitcoin hits $94,000 level to reach $94,500, with a 24-hour gain of 3.6%.

Bitcoin Hits $94,000, Reaches Record High

The leading cryptocurrency has created a new all-time high and proved its resilience and allure as a store of value despite mixed market conditions.

But while Bitcoin waxed jubilant about setting a high, the larger cryptocurrency market wasn’t quite so celebratory. In the last 24 hours, the total market capitalization of cryptocurrencies edged down 1%, indicative of patchy sentiment.

Ethereum/BTC Falls to Its Lowest Since April 2021

Ethereum, the largest cryptocurrency after Bitcoin by market capitalization, has suffered greatly against Bitcoin. The ETH/BTC trading pair has fallen below 0.033 for the first time since April 2021. With this fall, Bitcoin is overtaking the market, and its share of the total market capitalization has now surpassed 50%.

Analysts point to several reasons that have driven Bitcoin’s rally, including increasing institutional adoption, solid retail demand, supportive macroeconomic conditions, a weak US dollar, and growing inflation concerns. On the other hand, Ethereum‘s underperformance has been due to persistent worries over high transaction fees, scaling issues, and waning interest in DeFi projects.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.