Bitcoin price crosses $101600 mark, global crypto market cap hits $3.16T

The global crypto market cap has risen by 5.52% in the last 24 hours, reaching $3.16T, as per CoinMarketCap.

Major crypto prices are trading in green on Thursday morning. Bitcoin crossed over $1,01,600 mark, and rose by nearly 6%. Its counterparts like Ethereum, XRP, BNC, Solace, and Elon Musk-backed Dogecoin climbed by 3% to 15% as well. The new entrant PI Coin also join the bandwagon of bulls, with nearly 10% upside.

Cryptocurrencies were trading higher for the past 24 hours, after US Fed decided to keep interest rates unchanged at 4.25% to 4.5% for the third time in a row.

"After more than two months of consolidation below the century mark, Bitcoin has finally started charging toward $100,000. This surge is a powerful testament to the asset's resilience and maturity as the cryptocurrency market takes its place alongside traditional asset classes. Over this period, long-term investors have accumulated BTC at every significant dip, making this likely the last meaningful opportunity to acquire BTC below $100,000. Major institutions are now positioning for the second leg of this rally, eager to leverage the momentum and protect against inflation. However, the ever-present geopolitical risk, amplified by escalating tensions between India and Pakistan, underscores that even at new heights, volatility may lie ahead," said Himanshu Maradiya, Founder and Chairman, CIFDAQ Group.