Bitcoin made a wild surge Sunday, allowing other top altcoins in the broader cryptocurrency market to see small gains as anticipation builds for potential trade deals the United States will make with other countries.
The latest data showed that BTC traded nearly at $84,000 hours earlier before it made a sharp uptick above $87,000 late Sunday, representing a 2.1% spike in the day.
Bitcoin Begins Treading Road to $90K
In contrast, the past week had been quite volatile for the world’s most valuable crypto asset. Data from CoinGecko showed that in the last seven days, the digital coin struggled to break above $86,000 and traded as low as $83,200 at one point.
Things were much more frustrating for BTC holders earlier this month when Bitcoin wiped all its all-time-high gains to plunge to $75,000 after President Donald Trump levied at least 104% tariffs on Chinese goods aside from tariffs on other countries.
The situation started to look up in recent days, seemingly affecting Bitcoin’s price positively and allowing the coin to tread the path back to $90,000.
Trump said the White House has started discussing tariffs with China, raising hopes that the global trade war will start to ease up soon.
Altcoins Pick Up Positive Bitcoin Action
As Bitcoin has done over the years, it helped pull up the prices of other major altcoins that have also suffered tremendously over fears around Trump’s trade war.
Ethereum (ETH) was up 1.4% in the last 24 hours, and XRP saw a 1.5% increase in the day. BNB and top meme coin Dogecoin (DOGE) also climbed 1.4%, while TRON (TRX) had a small uptick. Cardano (ADA) gained nearly 1% in the day, but Solana (SOL) failed to join the small overnight rally.
Why is Bitcoin Up Today?
Bitcoin’s rallies over the years have been affected by various factors, but specifically on Sunday, BTC’s jump may have been fueled by some good developments and projections.
Japanese publicly-listed firm Metaplanet stacked up on more Bitcoins on Sunday, as per its CEO Simon Gerovich. Metaplanet is one of several companies that have invested in the world’s first decentralized cryptocurrency, following in the footsteps of Strategy (formerly MicroStrategy).
Crypto research firm 10x Research said Sunday night that BTC may be prepping for a “breakout” from a downtrend, indicating that the digital asset’s price may soon make a massive, uptrend movement.
“This formation is characterized by two converging, downward-sloping trendlines and typically signals a bullish continuation or reversal,” the 10x team said.
It remains to be seen whether BTC will continue on the uptrend or if it will cave in once more should bad news emerge from Trump’s talks with other countries over the trade war.
The post Bitcoin Jumps To $87K – Why Is $BTC Up Today? appeared first on International Business Times.
