Bitcoin skyrockets to $92K, while XRP remains stagnant ahead of the White House crypto summit

"One trader noted that reclaiming the area above the 50-day mark at $97,000 would signal bullish momentum."

Key Takeaways:

• Bitcoin surged past $92,000, with other major cryptocurrencies also gaining ahead of the first White House Crypto Summit on March 7.
• The market saw a volatile week, jumping 12% after President Trump proposed a strategic token reserve, only to pull back amid uncertainty and new U.S. tariffs.
• Bitcoin now dominates over 60% of the crypto market, often a sign of investor caution, while Ether’s market share has hit a five-year low of 9%, raising concerns for altcoin investors.

Bitcoin climbed above $92,000 during Thursday’s Asian trading hours, with major cryptocurrencies gaining up to 5% as traders looked ahead to the upcoming White House Crypto Summit on March 7 for market direction.

BTC briefly reached $92,700 before pulling back to $90,800 in European trading. Dogecoin (DOGE) led the rally with a 10% surge, while Cardano (ADA), Solana (SOL), and Ether (ETH) rose by 6%. Meanwhile, XRP and BNB Chain’s BNB posted modest gains of 2.5%, underperforming the CoinDesk 20 (CD20) index, which climbed 3.5%.

Thursday’s price movement provided a boost for bullish traders after a volatile week in the crypto markets. The surge followed President Donald Trump's announcement on Sunday about plans for a strategic reserve of tokens, including XRP, ADA, and ETH, which initially drove the market up by 12%.

The initial optimism faded as traders awaited concrete details on Trump’s token reserve plan, while a fresh round of U.S. tariffs weighed on broader markets, leading to a pullback on Tuesday. However, crypto markets have since rebounded steadily, aligning with a CoinDesk analysis, as investors anticipate clearer guidance from Saturday’s summit.

“Investors view this as a high-stakes, asymmetric event,” Singapore-based QCP Capital noted in a Wednesday broadcast. “Will it act as an unexpected catalyst driving prices higher, or will it expose crypto’s weaknesses and spark a deeper sell-off?”

QCP also highlighted broader financial trends, pointing out widening corporate bond spreads—high-yield spreads now sit 290 basis points above Treasuries, while the investment-grade versus high-yield spread has reached 200 basis points. While not signaling panic, they cautioned that this trend warrants close monitoring.

Alex Kuptsikevich, a senior market analyst at FxPro, noted that Bitcoin’s market dominance has surpassed 60%, a common indicator of fear, while Ether’s share has dropped to a five-year low of 9%, raising concerns for altcoin investors.

“Bitcoin briefly dipped below $83,000 on Tuesday before rebounding above its 200-day moving average. Wednesday’s market action suggests cautious efforts to establish a bottom,” Kuptsikevich told CoinDesk via email.

He added, “Reclaiming the area above the 50-day moving average at $97,000 would signal a bullish breakout.”