Bitcoin, XRP, and Other Cryptos Rally. Is $100K Next?

By Elsa OhlenThe price of Bitcoin was climbing on Thursday, along with the broader market.The largest cryptocurrency was trading around $97,500 in late morning trading, up 3.5% over the past 24 hours. Bitcoin has been rallying since April and is now down about 11% from its all-time high of around $109,000.Bitcoin prices initially fell on weaker-than-expected U.S. GDP data Wednesday but quickly edged back up again. Earnings from Microsoft and Meta Platforms are helping the broader stock market on Thursday and, in turn, cryptos. The next major trigger is likely tomorrow's jobs report.Whether the crypto can keep rallying to the psychologically important $100,000 level remains in question. The last time Bitcoin crossed $100k was on Feb. 7, according to Dow Jones Market Data.Technical analysts say cryptos are in a consolidation mode, and the global economy needs a positive catalyst for prices to break out of it.Ether and Solana rose 5.8% and 7.6% respectively, while XRP gained 4%.Bitcoin has held steady for the past few days, forcing the market to watch for the next move, said FxPro analyst Alex Kuptsikevich. "Such long consolidations usually accumulate strength for further movement."Cryptos often respond to macroeconomic events such as interest rates and trade policy, and prices suffered as a result of economic uncertainty prompted by President Donald Trump's tariffs.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.