The crypto market rebounded Monday evening as Bitcoin briefly surpassed $102,000, following weekend volatility sparked by AI firm DeepSeek’s breakthrough announcements.
Bitcoin is hovering above $102,000, though it’s still down about 6.5% from January 20’s all-time high, near $109,000, CoinGecko data shows.
A “noticeable recovery” can be seen “as investors seem to be reallocating to their favorite crypto assets” in a trend that’s “driven by optimism about the long-term impact of AI democratization on the market,” Dominick John, an analyst at Kronos Research, told Decrypt.
Seminal meme crypto Dogecoin, which suffered its worst performance since the year began on Monday, is up 2.6% to $0.33, while other top performers include BNB ($679.75) and XRP ($3.06)—up 3.6% and 3.2%, respectively.
The recovery coincides with Wall Street analysts offering measured perspectives on DeepSeek’s impact, countering initial market panic that sparked an $860 million crypto liquidation cascade and rattled U.S. tech stocks.
“Is DeepSeek doomsday for AI buildouts? We don’t think so,” Bernstein semiconductor analyst Stacy Rasgon wrote in an investor note. “DeepSeek did not build OpenAI for $5 million,” she …
