Bitcoin (BTC) surged past the six-figure mark for the first time in over two months, nearing \$104,000 during early Asian trading hours on Saturday. This sharp rebound in crypto markets was fueled by improving macroeconomic sentiment and Ethereum’s latest network upgrade. Dogecoin (DOGE) led altcoin gains with a 10% rally, while ether (ETH) rose 3.5% following the successful implementation of its long-awaited Pectra upgrade, bringing weekly gains over 30%. Other major cryptocurrencies, including Solana (SOL), Cardano (ADA), XRP, and BNB Chain’s BNB, also saw increases between 2-6%, driven by a shift in investor sentiment from caution to risk-on.
This momentum follows several pro-crypto developments in the U.S. this week. New Hampshire passed a bill allowing the state to create a strategic Bitcoin reserve, and Arizona followed with its own legislation supporting a crypto reserve. These state-level initiatives come as political leaders increasingly focus on digital asset policy ahead of the November election.
President Donald Trump’s bullish remarks on upcoming U.S.-China trade talks also helped ease market concerns. The U.S. and U.K. signed a new trade agreement that will remove reciprocal tariffs and lower duties on American goods, further boosting sentiment across equities and crypto markets.
Analysts believe the recent moves mark a decisive break from the sluggish price action that plagued altcoins through much of March and April. Ethereum’s 30% rally this week is attributed to growing institutional interest and the momentum behind its Pectra upgrade, which introduces execution layer reforms aimed at boosting efficiency and scalability.
Traders are closely watching this weekend’s U.S.-China trade negotiations in Switzerland. Any signs of stalemate or renewed tension could undercut the current rally.
— new from CoinDesk