As a seasoned researcher with a deep understanding of the cryptocurrency market, I’ve witnessed the volatility and unpredictability that comes with it. The recent price surge of Bitcoin (BTC) to a 2-week high of over $63,000 and the subsequent green wave across the altcoin market has been no exception.
The upward trend in Bitcoin‘s price, which began over the weekend, gained momentum during the wee hours of Monday, surpassing the $63,000 mark for the first time in more than two weeks.
As a crypto investor, I’m thrilled to see the altcoins regain their vibrant hue once more. This newfound color has significantly contributed to the total crypto market capitalization rebounding and reaching the impressive milestone of $2.4 trillion yet again.
BTC Sees 2-Week High
The price of Bitcoin took a significant hit at the beginning of July due to large amounts of the digital currency being released by the German government from seized funds and the ongoing Mt. Gox distribution and potential sale. This led to a steep drop in value, bringing the price down to a three-month low of under $54,000.
Last week, the bulls successfully disrupted the downward trend and prevented any more declines. As a result, Bitcoin began to recover and closed the week around $58,000.
The unsuccessful attempt to assassinate the US Presidential candidate who is pro-crypto, Donald Trump, over the weekend, likely sparked the recent surge in bitcoin prices.
As a crypto investor, I woke up on Sunday morning to find Bitcoin (BTC) trading at around $58,500. Excited by this upward trend, I watched as the price surged past $60,000 within hours. But that wasn’t all – it continued to climb, reaching its highest point since early July at over $63,000. Now, Bitcoin hovers steadily around this price level.
The market capitalization of this entity exceeds $1.240 trillion, and it maintains a commanding presence in the cryptocurrency world with a market share over 51% on CoinGecko.
Green Dominates the Alt Space
The majority of alternative cryptocurrencies have mirrored Bitcoin’s upward trend. Among them, Ethereum stands out as one of the top gainers in the past 24 hours. With a daily increase of 5%, Ethereum reaches a new multi-week high of $3,365. Binance Coin also experiences growth, adding 4% to its value and currently trading above $560.
Over the past day, the prices of Solana and Chainlink have risen by over 5%, reaching $153 and $14 respectively. Additionally, Dogecoin, Avalanche, Shiba Inu, Polkadot, and Near have experienced growth of approximately 3-4%.
Even more gains come from the likes of MOG (18%), STX (13%), VET (10%), and JASMY (10%).
As a crypto investor, I’m thrilled to see that the total crypto market capitalization has surged to an astounding $2.420 trillion on CoinGecko. This represents a substantial gain of around $100 billion since Saturday alone, and over $200 billion in just the past four days. The market’s rapid growth is an encouraging sign for the crypto community.
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2024-07-15 12:05