As a seasoned crypto investor with a decade of experience under my belt, I’ve seen countless market fluctuations, and this latest surge is nothing short of exhilarating. Watching Bitcoin touch $60.5K and altcoins following suit has been quite the rollercoaster ride.
In the last 24 hours, the value of Bitcoin climbed further, surpassing $60,000 to reach a peak of more than $60,500 that it hadn’t seen in several weeks.
Cryptocurrencies other than Bitcoin (altcoins) have seen a rise too, pushing the overall value of the crypto market up by over $70 billion compared to yesterday.
BTC Touched $60.5K
Following a correction on Friday that pushed Bitcoin to $52,500, the asset regained some ground over the weekend before making a strong push higher on Monday, surging by approximately $4,000 in 24 hours and momentarily reaching $58,000. However, the price action during the week was quite erratic, particularly after the release of the US Consumer Price Index (CPI) figures on Wednesday, causing Bitcoin to experience multiple fluctuations.
On the other hand, it appears that the bulls have been dominating the market. They started another rally on Friday which pushed BTC close to $60,000. Initially, it didn’t manage to break through this level, but earlier today, the cryptocurrency surpassed it and reached a 16-day high of more than $60,500.
Following a shift in the direction of US-listed Bitcoin Exchange Traded Funds (ETFs), there were more than $400 million in total outflows over the last week. Meanwhile, MicroStrategy declared another large Bitcoin acquisition valued at over $1.1 billion.
As a researcher studying the cryptocurrency market, I’ve noticed that Bitcoin (BTC) seems to have experienced a slight slowdown in momentum currently. However, it’s encouraging to see that it has managed to gain approximately 4% in value today. The market capitalization of BTC has surged significantly, reaching an impressive $1.185 trillion. Moreover, its dominance over the alternative cryptocurrencies (alts) is currently above 54%, according to CoinGecko.
Alts See Green
Almost all alternative cryptocurrencies (altcoins) have mirrored Bitcoin’s upward trend. Specifically, Ethereum (ETH) and Binance Coin (BNB) have risen by approximately 2% each, currently valued at over $2,400 and $550 respectively.
Noteworthy growth is observed in several cryptocurrencies such as DOGE (up by 4%), TON (also up by 4%), AVAX (3% increase), LINK (rising by 5%), PEPE (a significant 6% rise), TAO (impressive 10% growth), and IMX (another 5% boost). TRX is one of the few altcoins experiencing modest pullbacks over the past day.
In the past day, the total value of all cryptocurrencies combined has increased by approximately $70 billion, reaching a current market capitalization of around $2.2 trillion.
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2024-09-14 09:54