As a seasoned crypto investor, I’ve witnessed the rollercoaster ride that is the cryptocurrency market. The past few days have been no exception, with Bitcoin (BTC) showing signs of strength yet again. After a relatively quiet weekend, Monday brought some excitement as BTC finally broke above $69,000 for the first time this month.
Over the weekend, Bitcoin experienced minimal activity with hardly any price fluctuations. However, the beginning of Monday saw an uptick in value, pushing the cryptocurrency over the $69,000 mark for the first time in November.
The alternate coins are experiencing slight gains as well. Notably, Binance Coin (BNB) surges by 5%, though it had climbed higher around early hours today.
Bitcoin’s Fight With $69K
As a researcher examining the cryptocurrency market last week, I observed that Bitcoin experienced a significant surge, pushing past the $69,000 mark on Monday and reaching a weekly peak of over $70,500. However, this upward trend did not sustain as Bitcoin began to lose value towards the end of Monday, particularly on Tuesday. The downward spiral concluded with a sharp price decrease to around $67,200.
As I delved deeper into the cryptocurrency market, the waters grew increasingly turbulent. The most significant wave hit on Thursday, propelling bitcoin up to an astounding $69,500. Yet, this upward trend was halted, and the digital currency was subsequently pulled down to a weekly low of $66,600.
Following a swift bounce back that took Bitcoin up to $67,500, the digital asset settled down during the weekend without making significant strides. Yet, the new workweek commenced in a predictable manner, sending Bitcoin above $69,000 once more.
The market value of this entity has reached an impressive $1.360 trillion, and its control over the alternative cryptocurrencies has grown by 0.3 percentage points since yesterday, currently standing at a formidable 50.2%.
BNB’s Local Peak
Many altcoins have mimicked Bitcoin’s upward trend with modest price hikes. Ethereum has regained the $3,800 mark following a 1.1% rise. Likewise, SOL, XRP, DOGE, TON, ADA, SHIB, AVAX, and other altcoins have displayed comparable price surges.
Among the larger-cap altcoins, Binance Coin has shown exceptional growth, rising by 5% to reach a new price point of $630. Previously, BNB had reached a high of $640 for the first time since nearly three months ago.
As an analyst, I’ve noticed that certain tokens such as PEPE, KAS, and WIF have generated more returns for investors recently. On the other hand, NEAR, LINK, and UNI have experienced slight losses.
Approximately $40 billion was added to the total market capitalization of all cryptocurrencies in a single day, bringing the current value to roughly $2.7 trillion according to CoinGecko’s data.
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2024-06-03 11:50