The US stock market rebounds; the Dow Jones surges 6.7% in a single day as President Trump raises China’s tariffs to 125% and pauses tariffs on other countries for 90 days that have reached out to negotiate. The crypto markets saw a positive impact as the Bitcoin price surged past $83,500, which triggered a colossal recovery within the markets. The markets appear to have revamped a strong ascending trend, while a sustained upswing may pave the way for a strong bull run ahead.
Bitcoin & Top 10 Altcoins Soar With a Double-Digit Margin
Bitcoin price underwent a massive recovery of over 8% in the past 24 hours, while the other altcoins in the Top 10, like Ethereum, XRP, Solana and Dogecoin, rose by 12%, 11%, 10% and 9%, respectively. Other than Bitcoin & Ethereum, XRP and Solana remained the top traded tokens, excluding the stablecoins like USDT & USDC. Overall market sentiments are turning bullish, which suggests a rise in buying pressure.
Top Gainers & Losers
Fartcoin (FARTCOIN) leads the top 100 cryptos by gaining over 50% growth since the early trading hours but faced a small pullback. Flare (FLR), Sonic (S), Bittensor (TAO), and Ondo (ONDO) also attract massive gains by surging over 26%, 19%, 18% and 17%, respectively. On the other hand, Helium (HNT) & Berachain (BERA) also surged by more than 10% and appear to be ready to enter the top 100 cryptos, with over $500 million market capitalization.
Memecoins Approach Pivotal Resistance
The memecoin market cap has plunged below $40 billion, while the latest rise in the markets elevated the levels above $44 billion. With an increase in trading activity and volume, the popular memecoins managed to attract notable gains. Shiba Inu surged by 10% along with Pepe and Bonk, while TRUMP surged by 8% and FLOKI by 9%. dogwifhat (WIF) prices increased by more than 12%, but another celebrity-based memecoin, MELANIA, faces some loss while other memes thrive.
Collectively, the crypto markets are gaining some strength as the global markets experience a drop in the upward pressure. While the bearish clouds over the markets continue to haunt as the tariffs are paused but not withdrawn. Until then, the Bitcoin price is expected to maintain a consolidated ascending trend but remain restricted below $85,000 for a while.
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