Bitcoin approaches $103,000, while altcoins show mixed performance

The value of bitcoin jumped back above $100,000 on Tuesday, a modest recovery after crypto markets were rattled on Monday by DeepSeek, a Chinese artificial intelligence (AI) app that rivals American counterparts like ChatGPT.

The market tremors illustrated that tech stocks and crypto prices are increasingly correlated, with Bloomberg earlier this month highlighting that this correlation had reached a "two-year high."

“Since the beginning of 2024, you’ve seen the S&P 500 and bitcoin quite positively correlated, which is unusual and shatters that theory completely of it being a store of value,” Toby Winterflood, CCData's chief product officer, told Bloomberg .

Still, despite Monday’s market dip, the broader digital asset market recovered nearly two-thirds of its previous losses, according to Alex Kuptsikevich, FxPro chief market analyst.

Bitcoin’s price is currently trading near $103,000, and the overall value of the global crypto market at present stands at $3.49 trillion, according to CoinMarketCap.

Ethereum, the world's second-largest cryptocurrency by market capitalization, is currently valued at $3,169.

XRP, the world's third-largest crypto by market value, saw its price increase to $3.13 on Tuesday, allowing it to display “a full recovery from the slump and a demonstration of strength that many other altcoins lack,” Kuptsikevich said.

Solana, the world's fifth-largest crypto, is currently trading at $236, according to CoinGecko.

There has also been an increase in inflows to crypto funds around the world, with $1.9 billion recorded last week — partly attributed to Trump’s crypto executive order, according to a recent CoinShares report. “This positive trend [of fund inflows] continued for the third week in a row, intensifying in the last two weeks,” Kuptsikevich said. “Bitcoin investments were up $1.591 billion, Ethereum up $205 million, XRP up $19 million and Solana up $7 million.”