The price of Bitcoin has continued to rise over the last 24 hours, surging past $60,000 and reaching a multi-week high exceeding $60,500.
Many altcoins are also experiencing upward movement, contributing to an increase of over $70 billion in the total cryptocurrency market capitalization since yesterday.
BTC Reached $60.5K
Following a correction last Friday that brought BTC down to $52,500, the asset managed to recover some value over the weekend but aggressively surged on Monday, climbing by $4,000 within 24 hours and briefly surpassing $58,000. The price movements throughout the week were quite erratic, particularly after the release of US CPI data on Wednesday, leading to multiple fluctuations in Bitcoin’s price.
Nonetheless, the bulls appeared to take charge of the market. They pushed the price up again on Friday, bringing BTC close to $60,000. Despite an initial setback, the cryptocurrency managed to break through that barrier early this morning, reaching a 16-day high of just over $60,500.
This progress followed a notable trend shift in US spot Bitcoin ETFs, which saw over $400 million in net outflows over the past week. Additionally, MicroStrategy announced a significant BTC acquisition valued at upwards of $1.1 billion.
While BTC has seen some decline at present, it remains up 4% for the day. Its market capitalization has risen to $1.185 trillion, with its dominance over altcoins exceeding 54% according to CoinGecko.
Alts Perform Well
The majority of altcoins have mirrored BTC’s upward trend. ETH and BNB have both seen gains of approximately 2%, now trading above $2,400 and $550, respectively.
Even more remarkable rises have been observed in altcoins such as DOGE (4%), TON (4%), AVAX (3%), LINK (5%), PEPE (6%), TAO (10%), and IMX (5%). TRX is among the few altcoins registering slight declines over the past 24 hours.
The total market capitalization of all cryptocurrencies has increased by about $70 billion since yesterday, currently reaching $2.2 trillion.
Binance Free $600 (CryptoPotato Exclusive): Use this link to sign up for a new account and earn a $600 exclusive welcome bonus on Binance (complete details).
LIMITED OFFER 2024 at BYDFi Exchange: Claim up to $2,888 welcome reward, use this link to register and create a 100 USDT-M position for free!
Disclaimer: The information presented on CryptoPotato is attributed to the authors cited. It does not reflect the views of CryptoPotato regarding the advisability of buying, selling, or holding any securities. You should perform your own research before making any investment decisions. Use the information at your own discretion. Please see the Disclaimer for further details.
Cryptocurrency charts by TradingView.
