HOT MOMENTS: Bitcoin Soars – We‘re Above $113,000, What’s Driving the Surge？

Bitcoin (BTC) has staged a strong recovery, rising above $113,000 after falling to as low as $107,000 during the day. The leading cryptocurrency, which gained 5% on the day, staged a remarkable rally overshadowed by sharp declines in gold and silver.

The price of gold fell 5% today to $4,130, its steepest daily loss in recent years. Silver also saw a drop of up to 8%. Despite central bank measures toward quantitative easing, US-China trade tensions, and liquidity stress in the financial system, precious metals had experienced a significant rally in recent months. However, these developments failed to provide the crypto market with the long-awaited momentum. This rise is believed to be a “catch-up” to gold's previous rallies.

Chart showing the rise in BTC price.

After dipping below $108,000, Bitcoin regained strength, rallying to $113,000. After gaining 1.6% in the last 24 hours, it surged 2.7% in the last hour.

Ethereum (ETH) also recovered from overnight losses, rising above $4,000 once again. ETH is up 0.86% in the last 24 hours, while Bitcoin's market capitalization has reached $2.25 trillion.

BNB traded around $1,100, while XRP gained over 1%, approaching $2.50. Solana (SOL) rose 1.15% to reach $193. Dogecoin (DOGE) rose 1.5% to trade in the $0.20 range.

*This is not investment advice.