Bitcoin Surges Past $96K as Crypto Market Cap Reclaims $3 Trillion Milestone

Bitcoin has again taken center stage, climbing above the $96,000 threshold and helping push the global cryptocurrency market capitalization past $3 trillion. This bullish breakout comes after weeks of consolidation and signals renewed investor confidence in digital assets.

Over the past 24 hours, Bitcoin has gained over 3%, decisively moving beyond a key resistance level. This upward push is also lifting other major cryptocurrencies. Ethereum is up 5%, XRP has gained 3.6%, and Solana leads the pack with a 7% jump.

What's Fueling the Crypto Market Rally?

Since early April, Bitcoin has surged more than 29%, recovering from a recent dip to around $74,363. The rally is supported by a mix of macro and market-specific catalysts, including easing geopolitical tensions and a surge in institutional interest.

One notable factor is renewed optimism surrounding trade talks between the U.S. and China, which has helped improve broader market sentiment. In addition, speculation that tech giant NVIDIA may be considering a Bitcoin investment has stirred excitement among investors. While unconfirmed, the rumor aligns with growing interest from major companies seeking digital assets for portfolio diversification and long-term stability.

Adding further momentum, U.S. spot Bitcoin ETFs have recorded strong inflows, with $3.9 billion pouring into these funds over the past eight trading sessions, despite a small $56.23 million outflow yesterday.

Is Bitcoin Ready to Break Through $96,000 for Good?

Although Bitcoin currently trades around $96,920, the $96,000 level remains a critical resistance zone. According to blockchain data from IntoTheBlock, approximately 1.38 million wallet addresses acquired BTC at an average price of $96,950, creating a strong barrier that must be overcome.

Still, analysts are optimistic. If Bitcoin can firmly establish support above this level, the next major target could be $109,000. With limited supply zones beyond $97,000, a breakout could open the door to rapid price acceleration.

At the time of writing, Bitcoin holds a market capitalization of $1.92 trillion, solidifying its dominance and reinforcing its status as the bellwether of the crypto world.