In the Asian morning hours on Thursday, Bitcoin climbed above $92,000, with major cryptocurrencies experiencing increases of up to 5%, as investors look forward to the inaugural White House Crypto Summit set for March 7 for insights on future strategies.
BTC peaked at $92,700 but later fell to $90,800 due to profit-taking during the European morning. Dogecoin (DOGE) led the charge with a surge of up to 10%, while Cardano’s ADA, Solana’s SOL, and ether (ETH) each rose by 6%. Meanwhile, XRP and BNB Chain’s BNB saw more modest gains, only increasing by 2.5%, which was below the 3.5% rise in the CoinDesk 20 (CD20).
The price movements on Thursday provided a boost for bullish traders following a volatile week for cryptocurrencies. This came after President Donald Trump announced plans on Sunday for a strategic reserve of tokens, including XRP, ADA, and ETH, pushing the market up by 12%.
However, this excitement was tempered as traders awaited more definitive plans while a new set of U.S. tariffs came into effect, causing broader markets to retreat on Tuesday. According to a CoinDesk analysis, crypto markets have been steadily rising as observers anticipate clearer strategies to be unveiled at Saturday’s summit.
“Investors perceive this as a high-stakes asymmetric event,” stated QCP Capital from Singapore in a broadcast on Wednesday, referring to the summit. “Will it act as an unforeseen catalyst that drives prices upward, or will it reveal crypto’s vulnerabilities, leading to a more significant sell-off?”
“Take note. Corporate bond spreads are expanding, with high-yield spreads now at 290 bps above Treasuries, while the investment-grade compared to high-yield spread sits at 200 bps. While this does not indicate panic, it’s a trend that deserves close watching,” QCP cautioned.
FxPro’s senior market analyst, Alex Kuptsikevich, remarked that Bitcoin’s market dominance exceeds 60%, which is common during times of fear, whereas ether’s share has dropped to a five-year low of 9% — an alarming indicator for altcoin investors as any new funds are likely to flow towards BTC.
“Bitcoin is continuing to test the 200-day moving average, breaking above it on Tuesday shortly after dipping below $83,000. The market dynamics on Wednesday morning indicate cautious efforts to establish a bottom,” Kuptsikevich told CoinDesk in an email.
“A return to above the 50-day mark at $97,000 would signify bullish success,” he added.
