Bitcoin’s recent price recovery has been impressive as the cryptocurrency exceeded $60,000 and neared $63,000 for the first time since the weekend. This positive movement comes after a market-wide crash that occurred last week, leading to BTC plummeting to a 6-month low of $49,500. However, the asset quickly started to recover, climbing to $53,000 on Tuesday and surpassing $57,000 by Wednesday. Today, bitcoin experienced a significant surge, reaching over $60,000 and peaking close to $63,000 before retracing slightly to around $61,000. Despite the minor pullback, the cryptocurrency’s market capitalization has surpassed $1.2 trillion, with its dominance over altcoins standing at 53.9%.
Ethereum Leads Altcoin Recovery with 10% Surge
While bitcoin has been making strides in its recovery, Ethereum has emerged as the top performer among altcoins. Following a period of lackluster performance during the market crash, ETH managed to bounce back strongly. In the past 24 hours alone, Ethereum has witnessed a significant surge of over 10%, pushing its price above $2,600. This recovery comes after Ethereum came close to dropping below the $2,000 mark, indicating a renewed bullish momentum in the altcoin market. Other notable gainers among larger-cap altcoins include DOGE, SHIB, and AVAX, showcasing a broader positive sentiment in the market.
XRP Retraces Amid Legal Battle Fallout
Despite the overall recovery in the altcoin market, XRP has experienced a slight retracement following a substantial surge triggered by a $125 million fine imposed by a US judge in Ripple’s legal battle against the SEC. This development has led to some consolidation in XRP’s price, highlighting the ongoing regulatory challenges faced by the cryptocurrency. Nevertheless, most other larger- and mid-cap altcoins have seen positive movement, contributing to the total market cap rising to $2.234 trillion.
The recent price movements in the cryptocurrency market demonstrate the resilience and volatility inherent in digital assets. While bitcoin continues to show strength in its recovery, Ethereum and other altcoins are also making significant gains, signaling a broader market resurgence. As regulatory challenges and market dynamics continue to evolve, investors are advised to exercise caution and stay informed about the latest developments in the crypto space.
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