Bitcoin Price Rebounds to $88,900
Bitcoin (BTC) bounced back to $88,900 on March 5 after dropping to a daily low of $81,500 earlier in the day, recovering most of the losses recorded over the past 24 hours.
Market Recovery
According to CryptoSlate data, Bitcoin was trading at $87,524 as of press time, up 2% for the day after experiencing a nearly 10% dip earlier in the day. The broader market also saw a rebound, erasing double-digit losses recorded throughout the day.
Other Cryptocurrency Movements
Ethereum (ETH) similarly climbed to $2,217 before retracing to $2,176 as of press time, marking a 2.5% increase over the past 24 hours. BNB also saw a 2.87% increase, trading at $584.
XRP showed a gain of over 7% to $2.47 as of press time, while Solana (SOL) climbed 2.4% to $145.54 after hitting a daily low of $130. Cardano (ADA) experienced an 11% increase for the day, trading at $0.94 as of press time.
Trump’s Crypto Reserve Announcement
The market recovery follows a week of significant volatility driven by various market-moving factors, including President Donald Trump’s announcement of a US “Crypto Strategic Reserve.”
Trump revealed plans to establish a government-backed crypto reserve that would include Bitcoin, Ethereum, Ripple’s XRP, Solana, and Cardano. The announcement initially boosted Bitcoin to nearly $94,000, bringing optimism to the crypto market.
However, the rally was short-lived as cryptocurrencies retraced their gains due to caution among market participants regarding the risks and practicalities of such a reserve. Concerns about centralization in some proposed coins also raised questions about their value as a reserve asset.
Reacting to Trump’s policies, countries implemented tariffs against the US, further impacting markets and causing losses across various asset classes, including equities.
Market Data Snapshot
At the time of press on March 4, 2025, Bitcoin is ranked #1 by market cap, with the price up 1.65% over the past 24 hours. Bitcoin has a market capitalization of $1.74 trillion and a 24-hour trading volume of $69.17 billion.
In the broader crypto market, the total market value is $2.88 trillion with a 24-hour volume of $170.62 billion. Bitcoin dominance currently stands at 60.36%.
