After facing a significant drop in value the day before, bitcoin has fiercely rebounded in the last 12 hours, reaching a weekly high of nearly $62,000. This upward trend has not been exclusive to bitcoin, as other major altcoins like TRX and TON have also experienced impressive gains. Just a week prior, the primary cryptocurrency had taken a hard hit, plummeting from $59,600 to $56,300. However, bullish investors intervened at this juncture, preventing any further decline. Subsequently, BTC began to climb again and remained relatively stable over the weekend, hovering around the $60,000 mark.
In addition to the surge in bitcoin, larger-cap altcoins such as LINK, UNI, MATIC, and others have also followed suit with notable gains. Although the new week commenced with a slight retracement that pushed bitcoin down to $58,000, the digital asset quickly rebounded and surged past $61,000 on Tuesday. This pattern of fluctuation continued into Wednesday when bitcoin briefly dropped below $59,000 before catapulting to over $60,000. The latest spike in price occurred last night as rumors circulated about RFK withdrawing from the US election race, potentially favoring the pro-crypto candidate, Donald Trump. BTC reached a peak of $61,800, marking a weekly high, before retracting slightly to around $61,000.
Aside from bitcoin, most altcoins have shown positive movement in the market. Ethereum (ETH) has approached $2,650 after a modest 2% increase, while XRP, SOL, AVAX, DOGE, and DOT have also demonstrated similar gains. Meanwhile, BNB, ADA, SHIB, and BCH have posted more significant increases ranging from 3-4%. Notably, altcoins like LINK, UNI, and MATIC have emerged as top gainers for the day, with increases of 10%, 7.5%, and 11% respectively. Among the top 100 altcoins, notable performers include FTM (15%), BTT (14%), BEAM (14%), and RENDER (12%).
The total crypto market cap has exhibited a notable recovery, surging by over $50 billion since the previous day and reaching $2.25 trillion. This overall uptrend in both bitcoin and altcoins signals a positive sentiment in the cryptocurrency market, with investors showing renewed interest and optimism in the digital asset space.
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