The world's largest cryptocurrency, Bitcoin, at 9 am was trading at $94,662.19, up 1.16 per cent over the past 24 hours, according to data on CoinMarketCap.

Further, the market cap of Bitcoin also rose, up 1.06 per cent to $1.87 trillion, with trading volume for the 24 hours recorded at $32.12 billion, data showed.

The price rise has likely been driven by Bitcoin exchange-traded funds (ETFs), institutional demand, and hints of favourable crypto-related policies by the United States government under Donald Trump. Further, the US state of Arizona is considering investments in a Bitcoin treasury, which could potentially influence other states towards including digital assets in their financial strategies.

According to Alankar Saxena, Co-founder and CTO of Mudrex, Bitcoin is testing the $95,000 zone as positive institutional developments continue to boost sentiment — i.e. Strategy adding $1.4 billion worth BTC to its holdings and Standard Chartered projecting a rally towards $120,000 in the near term.

Alex Kuptsikevich, chief market analyst at FxPro, noted that the crypto market capitalisation has been hovering around $2.97 trillion since the end of last week. “The market has recovered to its 200-day moving average, but is hesitant to overcome it, as we see in the case of Bitcoin. The sentiment in the markets is neutral. It seems that players prefer to move upwards with relatively long stops,” he said.

Further, Decentralised Finance comprises $6.31 billion or 7.03 per cent of the total crypto market, while the volume of all stablecoins is $83.77 billion or 93.40 per cent. Overall, Bitcoin holds 63.37 per cent dominance among tokens, a minor 0.03 per cent drop over the past 24 hours.

According to Saxena, investors are now looking for a catalyst to fuel a decisive move toward the $100,000 mark. "Upcoming macroeconomic data, including PCE, ISM, and jobs reports, could provide the needed momentum if they meet market expectations,” he said.

QCP Capital noted that the bitcoin options market is currently dominated by call options with $95,000 strike prices for the end of April and May, suggesting that risk appetite remains strong.

Cathie Wood's Ark Invest predicts a “bullish scenario” where Bitcoin could rise to $2.4 million by the end of 2030 amid the growing adoption of the asset by institutions and sovereign wealth funds. “BTC will reach $1.2 million in the baseline scenario and $500,000 in the bearish scenario,” Ark said in its analysis, based on calculations of the total target market (TAM), penetration rate and issuance of the first cryptocurrency.

Further, Citigroup forecasts that 2025 “could be a breakthrough year in institutional adoption of blockchain technology, with stablecoins being one of the drivers”. It feels that stablecoin capitalisation by 2030 could grow to $1.6 trillion in a base case scenario and $3.7 trillion in a bullish scenario.

It is not the lone lender with an optimistic view, Standard Chartered Bank predicts Bitcoin to reach a new ATH at around $120,000 in Q2, 2025, and $200,000 by the end of the year.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

First Published

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29 Apr 2025, 09:40 AM IST