The total crypto market cap has topped $3 trillion for the first time since early March, as altcoins have also followed Bitcoin in its recovery.
This is the first time the market cap has topped $3 trillion since March 7, and could be a sign of a continued recovery as more than $500 billion has entered the market since April 9.
The 4.6% rise in crypto markets came after US President Donald Trump again changed his stance on trade tariffs, stating that tariffs on China would not be as high as 145% and would “be reduced significantly, but not to zero.”
Trump also appeared to ease his pressure on Federal Reserve Chairman Jerome Powell, saying he had “no intention” of firing the central bank chief after previously calling him “a big failure.”
Trump took a softer approach, insisting that now is the “right time” to cut interest rates and hoping Powell would be “more proactive in his ideas on cutting rates.”
Bitcoin remained in the lead, surpassing $93,700 in early Asian trading Wednesday, but altcoins also posted a rare surge. BTC has now broken out of a flat pattern and appears poised to break above resistance around $95,000.
Bitcoin dominance remains high at 64.4%, signaling that altseason is far from over despite today’s small price spike. Meanwhile, the Bitcoin Fear and Greed Index has turned greedy, hitting 72 on Wednesday.
The Bitcoin spot ETF in the United States is also showing a trend reversal, with more than $1 billion flowing into the product so far this week, according to data from Coinglass.
Ethereum emerged as one of the biggest performers today, jumping 13.5% and nearing $1,800 in Asian morning trading. ETH has now recovered 28% since its April 9 low of $1,400, but the asset remains at bear market lows and weak market dominance.
Dogecoin (DOGE) also made a double-digit gain, up 12.7% to $0.18 at the time of writing.
Cardano rose 10% to $0.68, Avalanche rose 12% to $22, and Sui was among the top performers with a 23% jump to $2.75. Other altcoins that also posted double-digit gains include memecoins Shiba Inu and Pepe.
