As an experienced analyst, I’ve seen my fair share of market volatility in the cryptocurrency space. And let me tell you, this latest surge in Bitcoin (BTC) and altcoins has been nothing short of exhilarating.
Bitcoin encountered resistance at the $70,000 mark on Monday but subsequently mounted a strong comeback within the past few hours, surpassing this level and reaching a new high of around $71,250 over the past week.
The colors of altcoins have shifted to green, bringing significant surges in value for coins such as Binance Coin, Toncoin, Shiba Inu, and Uniswap, among others.
BTC Sees 2-Week Peak
Last week’s closing prices for Bitcoin didn’t predict the volatile price movements at the beginning of the current week. Initially, Bitcoin was halted at $69,000, but it plummeted unexpectedly to $66,600. However, bullish investors were able to regain some ground during the weekend, bringing the price back up to almost $68,000.
Beginning on Monday, the cryptocurrency’s value surpassed $70,000 for the first time, only to encounter a setback and drop back down to below $69,000.
Despite the bulls’ determination, BTC experienced a significant surge during Tuesday evening and Wednesday morning, reaching a peak price of $71,300 – its highest point in over two weeks. This uptick occurred alongside substantial investments in US Bitcoin spot ETFs.
I currently find Bitcoin hovering just above the $70,000 mark, with a formidable market capitalization of approximately $1.4 trillion. The digital currency maintains its commanding presence over the alternatives, holding steady at a 50.4% dominance on CoinMarketCap.
BNB’s New ATH
Perhaps the most notable gainer today from the larger-cap alts is Binance Coin. After months of being on the sidelines and away from the meme coin mania, BNB jumped by nearly $100 in the past day and registered a fresh all-time high of $715 earlier today, closing down the gap to Tether in their battle for the third-largest cryptocurrency.
As a researcher examining the recent developments in the cryptocurrency market, I’ve noticed some notable gainers. Among them are Toncoin, which has seen a 10% increase, Shiba Inu with a 9.6% growth, NEAR expanding by 6.7%, UNI surging by 17.6%, WIF rising by 7.7%, and CRO gaining 6%.
ETH, XRP, ADA, LINK, TRX, DOGE, SOL, and DOT are also in the green but in a more modest fashion.
In just one day, the overall value of the cryptocurrency market grew by approximately $80 billion, bringing its current market capitalization to around $2.79 trillion according to CoinMarketCap.
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2024-06-05 11:54