Bitcoin nears $98,000 as crypto market sees volatility
BY MOTOLANI OSENI
The cryptocurrency market remained volatile as major digital assets struggled between sell-offs and mild buying interest amid global economic uncertainties.
Bitcoin (BTC-USD) showed signs of recovery, rising by 9 basis points to settle at the $97,500 level. Ethereum (ETH-USD), the second-largest digital asset, remained subdued, losing 1.5 per cent in the past 24 hours across exchanges.
Despite the broad market downturn, Ripple (XRP-USD) gained 1.34 per cent, supporting an uptrend in select assets. The overall crypto market continued to trade in the red, with slight recoveries among the top 10 digital currencies.
The global crypto market capitalisation edged up to $3.24 trillion, marking a 0.52 per cent increase in the last 24 hours. Total market volume rose to $96.04 billion, reflecting a 2.08 per cent uptick.
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Market data showed that DeFi-related transactions accounted for $7.48 billion, representing 7.79 per cent of the total 24-hour market volume. Meanwhile, stablecoins dominated trading activity, with volumes hitting $87.53 billion, making up 91.14 per cent of the total.
By late Friday, major cryptocurrencies advanced, with Bitcoin (BTC-USD) hovering close to $98,000. The CoinDesk Market Index, which tracks 124 digital assets, gained 2.7 per cent in the past 24 hours.
Traditional markets showed mixed movements, with the Nasdaq 100 edging up 0.4 per cent, the S&P 500 flat, and the Dow Jones Industrial Average slipping 0.5 per cent. Bitcoin climbed 1.5 per cent to $97,645, with a 24-hour trading volume of $29.82 billion, down 22 per cent, according to CoinMarketCap data. It remained on track for a weekly gain of nearly 2 per cent.
Ethereum (ETH-USD) rose 3.3 per cent to $2,740, heading for a weekly increase of over 5 per cent. XRP (XRP-USD) surged 11 per cent, while Solana (SOL-USD) advanced 3.8 per cent. BNB (BNB-USD) slipped 0.8 per cent, Dogecoin (DOGE-USD) gained 6.9 per cent, and Cardano (ADA-USD) remained stable.
In the bond market, the US 10-year Treasury yield stood at 4.476 per cent as of 3 p.m. ET on Friday, down from 4.523 per cent the previous day. The five-year yield eased to 4.327 per cent from 4.384 per cent.
