As a researcher with a background in cryptocurrencies, I’ve witnessed firsthand the extreme volatility and unpredictability of Bitcoin and the broader crypto market. The latest price surge of Bitcoin to over $63,000 is yet another reminder of this rollercoaster ride.
The price of Bitcoin bounced back, climbing from approximately $59,000 yesterday to reach a high of around $63,000 today, marking a significant recovery.
Many alternative cryptocurrencies have experienced significant gains once more, just like Bitcoin. The unpredictable meme coin market has also joined this trend.
BTC Goes After $63K
Last week saw a significant downturn for Bitcoin’s value in the markets. The digital currency began on a promising note, reaching nearly $65,000 early Monday morning. However, bullish sentiment soon gave way as bears took over, causing Bitcoin’s price to plummet to around $62,000.
The downward trend for the asset continued unabated as its value dipped further below $60,000. This correction reached its peak with a two-month low of $56,500 recorded on Wednesday, just before the most recent US Federal Open Market Committee (FOMC) meeting.
After the Federal Reserve announced no imminent increase in interest rates, Bitcoin responded with a significant surge of approximately $2,000 in value, only to give up those gains and return to its initial level. In the ensuing hours, however, it regained momentum and came close to touching $60,000 on the previous day, according to recent reports.
Initially, Bitcoin encountered a mental blockade and was held back at roughly that price. However, it overcame this obstacle later in the day, propelled by the persistent charge of the bulls. The bulls’ relentless advance drove Bitcoin to reach a peak of $63,500 over several days. Since then, Bitcoin has retreated slightly but remains around $63,000 at present.
With a daily growth rate of 6%, the market capitalization of this asset now reaches an astounding $1.24 trillion. Meanwhile, its control over the altmarket represents approximately 50.5% of the total dominance.
DOGE, SHIB, PEPE on the Rise
As a market analyst, I’ve noticed an intriguing trend among the top performers in the altcoin sector. Notably, volatile meme coins such as Dogecoin, PEPE, and SHIB have been making significant strides. Dogecoin, leading the charge, has experienced a robust increase of over 12% and is currently trading at $0.15. PEPE isn’t far behind with an impressive 11.7% jump, while SHIB has gained 8% and surpassed $0.000025. Another notable gainer in this group is STX, which has skyrocketed by 14%, now trading at a price of $2.4.
In simpler terms, both Ethereum and Binance Coin have experienced roughly a 3.5% price surge. As a result, Ethereum has broken through the $3,100 mark, reaching new heights, whereas Binance Coin is now trading at approximately $585.
The remaining larger-cap altcoins, such as TON, BC, AVAX, NEAR, and HBAR, are all reporting gains. The overall crypto market capitalization has bounced back by over $200 billion since the midweek slump, reaching a current value of approximately $2.46 trillion on CoinMarketCap.
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2024-05-04 08:02