Bitcoin prices have climbed back toward the $70,000 level after a fresh rally, with altcoins leading gains as Nvidia’s earnings expectations and Circle’s stronger quarterly results bolster risk appetite across the market. According to CoinMarketCap, Bitcoin traded around $69,100 at 7:21 a.m. local time, up over 7% in the last 24 hours, after briefly touching as high as about $69,500 in an attempt to reclaim $70,000 for the first time since February 16, though momentum remained tentative. Ethereum rose more than 13% to reclaim the $2,100 level, while Solana, Dogecoin, Cardano, and Chainlink posted double-digit gains.
Daniel Lace-Paria, CEO of ZeroStack, noted that U.S. demand for crypto has generally softened, but investors are rotating into altcoins and more alts are outperforming Bitcoin. He added that as Bitcoin trades within a broader market system, reduced liquidity can raise volatility, and assets delivering real yield, like Solana, may fare better than those driven purely by momentum.
Caroline Moron, co-founder of Orbit Markets, said the rally likely reflects lower-cost buying after a prolonged period of selling, suggesting that Bitcoin reaching $70,000 could shift the market narrative. Wintermute’s OTC chief Jake Ostrobriskis warned that the rebound should not be overinterpreted and that many investors will remain cautious until Bitcoin convincingly clears $75,000.
Glassnode data show about 9 million Bitcoin, or 45% of the circulating supply, are currently trading below holders’ cost basis, helping explain why rallies often fade as losses are realized. FxPro’s Alex Kuptsikevich cautioned that the current setup resembles 2022, noting the pattern of months-long ranges before a renewed uptrend eventually drives new highs, a process that took more than a year then. The market had just experienced a roughly 13% drop on the prior Friday, one of the steepest single-day declines in nearly four years.
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