Hassan Maishera
TL;DR
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BTC is up nearly 6% in the last 24 hours and now trades above $92k.
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The rally comes as President Trump delays tariffs on auto parts from Canada and Mexico.
BTC Cross $92k as Market Rallies
The cryptocurrency market has been bullish over the last 24 hours, adding nearly $200 billion to the total market cap. Bitcoin, the leading cryptocurrency by market cap, surged by 6% in the last 24 hours to cross the $92k level for the first time this week.
At press time, Bitcoin is trading at $92,395 and could rally higher as trading activities increase. The positive performance can be attributed to President Donald Trump's delaying tariffs on auto parts from Canada and Mexico, easing investor worries.
Furthermore, Germany's plan to ease debt limits for infrastructure spending and China's hike in its target deficit also contributed to rebounding risk markets.
With Bitcoin hitting $92k, altcoins are also on the uptrend. Ether is up 5.7% to reclaim the $2,300 level while Dogecoin added 8% to its value to trade at $0.2147. PI continues its upward trajectory and now occupies the 11th place in the market after surging by 6% to hit a $13 billion market cap.
Chainlink (LINK) and Bitcoin Cash (BCH) are the best performers in the top 20 cryptocurrencies by market cap list, adding 16% to their values.
Crypto analytics firm Swissblock suggests that the market could shift bullish following weeks of bearish activities. In a Telegram broadcast, Swissblock analysts noted that,
"Bitcoin's fundamentals are on the verge of shifting into the bullish quadrant, with sustained improvements in liquidity and network growth. This strength suggests that BTC is unlikely to be driven into a bear market."
