Bitcoin approached $85,000 during European trading hours on Tuesday. Dogecoin and Cardano rose over 7%, leading gains among major cryptocurrencies. Ether, XRP, Solana, and BNB saw nearly 5% increases. The overall market capitalization dropped by 3%, while the CoinDesk 20 index rose 3% in the past 24 hours. Bitcoin ended the first quarter with an 11% loss, marking its worst performance since Q2 2022. The S&P 500 also fell 3% last week, its worst drop since September 2023. Amid these declines, gold reached new highs early Tuesday. Long-term bitcoin holders with 3-6 month positions are showing resilience, trading at their lowest levels since June 2021. Newer large investors are also holding firm, contributing to bitcoin’s price stability.
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