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Bitcoin price today, April 29: The world's largest cryptocurrency, Bitcoin, at 9 am was at $94,662.19 up 1.16 per cent over the past 24 hours, according to data on CoinMarketCap.

Further, market cap of Bitcoin was also up 1.06 per cent to $1.87 trillion, with trading volume for the 24 hour period recorded at $32.12 billion, data showed.

The price rise has likely been driven by Bitcoin exchange-traded funds (ETFs), institutional demand, and hints of favourable crypto-related policies by the United States government under Donald Trump. Further, the US state of Arizona is considering investments into a Bitcoin treasury, which could potentially influence other states towards including digital asset in their financial strategies.

The global cryptocurrency market capitalisation is $2.97 trillion — up 1.59 per cent over the previous day. The total market trade volume over the period is also up 47.79 per cent to $89.69 billion, CoinMarketCap data showed.

Alex Kuptsikevich, chief market analyst at FxPro noted that the crypto market capitalisation has been hovering around $2.97 trillion since the end of last week. “The market has recovered to its 200-day moving average, but is hesitant to overcome it, as we see in the case of Bitcoin. The sentiment in the markets is neutral. It seems that players prefer to move upwards with relatively long stops,” he felt.

Further, Decentralised Finance comprises $6.31 billion or 7.03 per cent of the total crypto market; while the volume of all stable coins is $83.77 billion or 93.40 per cent. Overall, Bitcoin holds 63.37 per cent dominance among tokens a minor 0.03 per cent drop over the past 24 hours.

According to Kuptsikevich, Bitcoin is stabilising near $94,500, “having fully recovered to the consolidation levels seen in February before its sharp decline. The technical outlook remains bullish, with BTCUSD trading above both its 50- and 200-day moving averages. Both indicators are trending upward, and last week’s consolidation above these levels marked a strong move, reinforcing the bullish momentum”.

QCP Capital noted that the bitcoin options market is currently dominated by call options with $95,000 strike prices for the end of April and May, suggesting that risk appetite remains strong.

Cathie Wood's Ark Invest predicts a “bullish scenario” where Bitcoin could rise to $2.4 million by the end of 2030 amid the growing adoption of the asset by institutions and sovereign wealth funds. “BTC will reach $1.2 million in the baseline scenario and $500,000 in the bearish scenario,” Ark said it its analysis, based on calculations of the total target market (TAM), penetration rate and issuance of the first cryptocurrency.

Further, Citigroup forecasts that 2025, “could be a breakthrough year in institutional adoption of blockchain technology, with stablecoins being one of the drivers”. It feels that stabelcoin capitalisation by 2030 could grow to $1.6 trillion in a base case scenario and $3.7 trillion in a bullish scenario.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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