- Bitcoin surpassed $92,000 on Thursday morning in Asia before settling at $90,800, with major cryptocurrencies showing significant gains ahead of the White House Crypto Summit.
- Dogecoin led gains among major cryptocurrencies with a 10% surge, while Cardano, Solana, and Ethereum each rose approximately 6%.
- Market sentiment remains cautious as investors view Saturday’s summit as a potential high-stakes catalyst that could dramatically affect cryptocurrency prices in either direction.
Bitcoin briefly touched $92,700 during Thursday’s Asian trading session before profit-taking pulled the price down to $90,800 by European morning hours. The upward momentum comes as cryptocurrency markets anticipate potential policy developments at the first-ever White House Crypto Summit scheduled for March 7th.
Major cryptocurrencies showed substantial gains across the board, with Dogecoin (DOGE) leading the rally with a remarkable 10% increase. Cardano’s ADA, Solana’s SOL and ether (ETH) followed closely behind with 6% gains. Meanwhile, XRP and BNB Chain’s BNB posted more modest increases of 2.5%, underperforming against the broader CoinDesk 20 (CD20) index, which rose 3.5%.
Thursday’s upswing provided welcome relief for cryptocurrency bulls after a volatile week. Markets initially surged 12% following President Donald Trump‘s Sunday announcement of plans to establish a strategic reserve of digital tokens, including XRP, ADA, and ETH. However, enthusiasm waned as investors awaited concrete details, compounded by concerns over fresh U.S. tariffs that dampened market sentiment on Tuesday.
According to analysts at Singapore-based QCP Capital, the upcoming summit represents a critical juncture for the cryptocurrency market. In a Wednesday broadcast message, they noted: “Investors view this as an asymmetric event with high stakes. Will it serve as the unexpected catalyst that sends prices soaring, or will it expose crypto’s fragility and trigger a deeper sell-off?”
The firm also highlighted potential warning signs in traditional financial markets, cautioning: “Lens out. Corporate bond spreads are widening, with high-yield spreads now sitting at 290 bps above Treasuries, while the investment-grade vs. high-yield spread stands at 200 bps. While this isn’t signaling panic, it’s a trend worth monitoring closely.”
Market composition data reveals interesting trends about investor behavior during this period of uncertainty. Alex Kuptsikevich, senior market analyst at FxPro, observed that Bitcoin’s market dominance has exceeded 60%—a pattern typically seen during periods of market fear. Simultaneously, Ethereum’s share has fallen to a five-year low of 9%, suggesting that new capital entering the cryptocurrency ecosystem is predominantly flowing into Bitcoin rather than alternative cryptocurrencies.
“Bitcoin continues to flirt with the 200-day MA, popping out on Tuesday shortly after touching that level below $83,000. Wednesday morning’s market dynamics reflect cautious attempts to form a bottom,” Kuptsikevich told CoinDesk. He further suggested that a return above the 50-day moving average at $97,000 would signal bullish momentum.
As cryptocurrency markets stabilize following recent turbulence, all eyes remain fixed on Saturday’s White House summit, which could provide crucial directional cues for future price action.
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