Bitcoin Surges Above $92,000

Bitcoin rose above $92,000 on Thursday morning in Asia, with major cryptocurrencies jumping as much as 5%. Traders are eagerly awaiting the first-ever White House Crypto Summit scheduled for March 7 for insights on future market positioning.

BTC reached $92,700 before profit-taking caused a decline to $90,800 during European trading hours. Dogecoin (DOGE) surged nearly 10%, leading the gains among major coins, while other cryptocurrencies like Cardano’s (ADA), Solana’s (SOL), and Ethereum (ETH) also rose by 6%. However, XRP and BNB Chain’s (BNB) showed limited growth of 2.5%, underperforming the 3.5% increase in the CoinDesk 20 (CD20) index.

Thursday’s gains were a relief for bulls after a volatile week caused by President Donald Trump announcing plans for a strategic reserve of tokens, including XRP, ADA, and ETH, which initially boosted the market by 12% on Sunday. However, this optimism waned as traders awaited definitive plans, coinciding with a new round of U.S. tariffs, leading broader markets to retract on Tuesday.

A sustained upward trend in crypto markets is noted, supported by a CoinDesk analysis, as anticipation builds for concrete outcomes from Saturday’s summit. According to QCP Capital, based in Singapore, traders view this event as a high-stakes scenario: “Will it act as the unexpected catalyst to push prices up, or will it reveal crypto’s vulnerabilities and prompt a deeper sell-off?”

QCP also highlighted trends in corporate bond spreads, noting that widening spreads are not a sign of panic but a situation that warrants close observation.

FxPro senior market analyst Alex Kuptsikevich remarked that Bitcoin’s dominance in the crypto market exceeds 60%, typical during fear-driven periods, while Ethereum’s market share has dropped to a five-year low of 9%—a concerning trend for altcoin investors as funds seem directed toward BTC.

Kuptsikevich further indicated that Bitcoin is closely testing the 200-day moving average, recently dipping below $83,000 before Wednesday’s market dynamics showed cautious price stabilization efforts. He noted that achieving a price range above the 50-day moving average at $97,000 would signal bullish success.