Bitcoin BTC/USD Pushes Toward the $100,000 Mark Once Again, Outperforming All Other Cryptos

Bitcoin BTC/USD price is inching closer to the $100,000 mark once again, with analysts forecasting a potential breakout to $112,000 and beyond.

What Happened: At the time of writing, Bitcoin trades at $99,350, up 2.5% in the last 24 hours after hitting a session high of $99,868.

The broader crypto market is showing signs of bullishness, with Ethereum ETH/USD climbing 7.5% to $1,965, Solana SOL/USD up 5.4%, BNB BNB/USD gaining 1% and XRP XRP/USD rising 4%.

However, the divergence between Bitcoin and altcoins remains stark.

What Experts Are Saying: According to The Coin Bureau's analyst and founder, Nic Puckrin, Bitcoin's current momentum is driven more by geopolitical developments than monetary policy.

"Markets this morning are reacting to President Donald Trump's hint at a major UK trade deal, not Fed policy. If the announcement is in good detail today, then we could see BTC finally crack $100,000 again."

But Puckrin added a note of caution for short-term traders. "BTC is rallying on very light volume and if Trump's announcement is hype over substance then we could see some nasty price volatility as that buying pressure evaporates rapidly."

Longer term however, Puckrin remains optimistic. "Bitcoin ETF inflows remain strong and legislative momentum like reserve bills in New Hampshire and Arizona continues to build. Add to that China making some interesting liquidity moves, and it's shaping up to be a very strong month for Bitcoin."

Technical analysis also suggests more upside potential.

FxPro's chief market analyst Alex Kuptsikevich noted that the crypto market has now broken above its 200-day moving average and is targeting a new high of $3.2 trillion in total market capitalization.

"Bitcoin reaching $99,000 sets up a Fibonacci extension that could push it past $112,000, with broader upside aiming toward $162,000."

That bullishness stands in stark contrast to the bleak outlook for the altcoin sector, which has been heavily under pressure.

According to a new report by 10x Research, the top 140 altcoins have on average lost 58% since December 2024 peak, compared to a mere 3% drop for Bitcoin over the same period.

The divergence, analysts say, is due to a combination of factors, including a gluts of tokens and a lack of compelling narratives.

"An annualized $57 billion in token unlocks has overwhelmed demand, while new narratives to drive prices haven't materialized despite a record $65 billion in disclosed crypto VC funding in 2023."

With venture capital funding now slowing and no "killer" use case emerging to drive demand, 10x Research says, altcoins are likely to remain in a structural bear market.

As a result, Bitcoin's dominance has surged to 64.5%, the highest since the first Bitcoin ETFs were approved in early 2024, while Ethereum gas fees have dropped from 16 Gwei to just 3 Gwei, highlighting the collapse in on-chain activity.

Even as major altcoins showed modest daily gains, their cumulative performance over the past three months showcases a more fragile recovery.

Meanwhile, $376 million in liquidations were reported over the past 24 hours, with $86 million in longs and $290 million in shorts liquidated as traders adjust to the new market structure, presenting an opportunity for a fresh start.

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