Market steadies as investors assess economic impact and shift towards digital assets.
Crypto Market Capitalization Rises Amid Stability
The cryptocurrency market saw a $14 billion surge on Thursday, bringing total market capitalization to $2.83 trillion. Bitcoin ETFs maintained strong inflows, adding another $89.6 million, marking nine consecutive days of net gains, according to Farside data. Meanwhile, Foresight Ventures highlighted yield opportunities as a critical factor behind the global stablecoin market cap exceeding $211 billion.
Bitcoin Price Update: Holding Strong Above $85K
Bitcoin experienced a 4% price increase in early Thursday trading, briefly touching $88,000 before stabilizing around $87,000. The leading cryptocurrency has maintained its position above $85,000 for the fourth consecutive day, signaling growing investor confidence. Ethereum also held steady above $2,000, further reinforcing market sentiment.
Trump’s Auto Tariffs and Crypto’s Reaction
Bitcoin’s rally coincided with President Donald Trump’s confirmation of a 25% tariff on auto imports starting April 3. In response, investors moved funds away from stocks likely to be impacted by the policy. The S&P 500 dropped 1.12%, shedding 65 points, while Tesla’s stock fell by 5%. The shift towards crypto suggests traders view digital assets as a hedge against economic uncertainty.
Altcoin Market Trends: Gainers and Losers
As the overall market consolidated within a 2% range around $3 trillion, trading volume remained high at $94 billion. However, capital rotation rather than new investments drove market activity. High-cap altcoins, including XRP (-4.6%), Solana (-4.3%), and Cardano (-4.5%), saw declines, while selective mid-cap altcoins and stablecoins attracted fresh capital.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
