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The cryptocurrency market has shifted upward, led by Bitcoin’s (BTC) recent performance. In the last 24 hours, the market saw a 4.51% increase, bringing the total market capitalization to $2.69 trillion. Bitcoin’s price rose by 4.68%, currently trading at $83,014. Altcoins also benefitted from this upward momentum, with XRP increasing by 7.42% and Dogecoin 
$0.166826 (DOGE) by 7.67%. This rise resulted in the liquidation of short positions across the market, totaling $599 million.
Signs of Recovery in Bitcoin and Altcoins
Bitcoin 
$94,587 demonstrated a quick rebound after hitting a low of $76,624. Investors attribute this performance to recent regulatory developments in the United States, which propelled Bitcoin to a peak of $83,577.
Altcoins also reacted positively to the upward trend. XRP climbed from its 90-day low of $1.93 to $2.19. Similarly, Dogecoin rose from $0.1453 to $0.1669, while Cardano 
$0.651744 (ADA) began to recover after pressure around the $0.76 mark.
Factors Driving Market Activity
The renewed attention on the “Bitcoin Bill” introduced by U.S. Senator Cynthia Lummis has positively influenced market sentiment. This bill aligns with President Donald Trump’s policies on cryptocurrency. Additionally, the increase in active wallet addresses on the Ethereum (ETH) 
$1,770 network has bolstered confidence in projects like XRP and Cardano, speeding up purchases in altcoins fueled by positive vibes on social media.
Bitcoin’s technical indicators and growing interest from institutional investors have also contributed to the appreciation of altcoin values. For instance, XRP managed to rise despite ongoing uncertainty in its SEC lawsuit. The increase in trading volumes in exchanges has positively supported liquidity.
However, experts caution that the potential for a sharper correction remains a possibility. Figures such as Arthur Hayes, co-founder of BitMEX, suggest that Bitcoin could drop to as low as $70,000.
