Bitcoin surged to $98,816 on Thursday after the U.S. Federal Reserve kept interest rates steady and hinted at future cuts, sparking renewed interest in risk assets like cryptocurrencies.
As of 12:06 PM IST, Bitcoin was up 2.3%, while Ethereum jumped 4.1% to $1,903. The global crypto market cap rose 2.52% to $3.06 trillion, according to CoinMarketCap.
Altcoins also saw strong gains. Sui led the rally with a 7.8% jump, followed by Polkadot at 7.7%. Chainlink and Avalanche rose 5%, Shiba Inu gained 4.5%, and other top coins like Dogecoin, Cardano, Solana, and Tron increased by 2–5%.
Analysts credited the rally to the Fed’s unchanged policy rate and rising hopes of rate cuts later in the year. Although a cut in June is unlikely, the chances for July have risen to 70%.
Giottus CEO Vikram Subburaj noted that Bitcoin’s break above the $97,500 resistance level signaled renewed bullish momentum. Bitget’s Ryan Lee added that institutional buying, ETF demand, and central bank liquidity were also driving prices higher.
Former U.S. President Donald Trump also boosted sentiment with promises of a new trade deal and calls for lower interest rates.
Liquidity injections, particularly from China and the Fed’s $34 billion bond purchases, have further supported the crypto rally.
Bitcoin’s market cap hit $1.96 trillion, with daily trading volume soaring 54.6% to $50.38 billion. Stablecoins made up over 90% of trading activity. However, Bitcoin’s market dominance slightly slipped to 64.1%.
Investors are now watching closely as Bitcoin approaches the key $100,000 mark — a major psychological and technical level that could influence the next market move.
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