In recent days, the spot Bitcoin ETFs have been experiencing positive inflows, leading to a resurgence in the price of Bitcoin itself. Just today, the price of Bitcoin reached $66,000 for the first time in about a month. This marks a significant recovery for the cryptocurrency, which had previously dropped to a three-month low of under $54,000 on July 5. Since then, however, Bitcoin has managed to bounce back, gaining over $10,000 in value.
Bitcoin’s Recent Price Actions
Bitcoin’s price actions have been turbulent, to say the least. The cryptocurrency saw extreme fluctuations at the beginning of the month, with prices dropping to as low as $54,000. However, following a failed assassination attempt against US presidential candidate Donald Trump over the weekend, Bitcoin experienced a sudden spike, reclaiming the $60,000 line. Subsequent gains have pushed Bitcoin’s price even higher, reaching $66,000 for the first time since June 20. Despite a slight dip to just over $65,000, Bitcoin’s market cap remains above $1.280 trillion, with its dominance over altcoins at 51.2% on CG.
XRP Leads the Altcoin Surge
While Bitcoin has been making significant gains, altcoins have also been performing well. XRP, in particular, has emerged as today’s top performer, with a 13% surge in the past 24 hours. The native token of Ripple now trades at over $0.6, reaching a multi-month peak of its own. Other notable altcoins that have seen impressive gains include FET, SOL, DOGE, AVAX, DOT, APT, XLM, and ATOM. The cumulative market capitalization of all crypto assets has also seen a substantial increase, adding over $80 billion overnight to reach just over $2.5 trillion on CG.
The recent surge in Bitcoin and altcoin prices is a reflection of the overall positive sentiment in the cryptocurrency market. With Bitcoin reclaiming the $66,000 mark and altcoins like XRP leading the way with double-digit gains, it is clear that investors are once again showing interest in digital assets. As the market continues to recover and gain momentum, it will be interesting to see how the prices of Bitcoin and altcoins evolve in the coming days and weeks.
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