Bitcoin’s positive price actions on Friday evening continued in the past 12 hours or so and the asset touched $65,000 for the first time since August 3.
Several altcoins have produced impressive gains as well within the same timeframe, with SATS surging by 25%, followed by FET (19%), and SUI (15%).
BTC on the $65K Road
The end of this business week was quite different than the previous one when BTC slumped to $56,000 on Thursday but managed to recover some ground on Friday and during the weekend. However, Monday started with another retracement when the asset slumped from $60,000 to $58,000.
The bulls managed to intervene and prevent any further declines, but the rest of the week, at least until Friday evening, was quite uneventful. That’s when positive news from the US emerged, including Fed Chair Jerome Powell’s promise to start cutting the interest rates, and BTC went on the run.
In a matter of hours, the asset went from just over $60,000 to $64,000. After a minor correction, it went on the offensive once again and jumped to $65,000 for the first time in over three weeks.
Despite retracing by around $800 since then, BTC is still 5% up on the day and sits above $64,000. Its market cap has soared to $1.270 trillion, and its dominance over the altcoins is up to 53.8%.
Bitcoin/Price/Chart 24.08.2024. Source: TradingViewSOL, SHIB Rise
Most altcoins are in the green today as well. Ethereum has surged by over 3% in the past 24 hours and sits above $2,760. Ripple, Toncoin, Dogecoin, Tron, Cardano, Avalanche, Bitcoin Cash, and Polkadot are also with gains of up to 5%.
Solana and Shiba Inu are the best performers from the larger-cap alts. Both assets are up by about 6%, which has helped SOL rise to over $150, while SHIB is up to $0.000015.
Further gains from the top 100 alts come from SATS (25%), FET (19%), SUI (15%), WIF (15%), SEI (13%), and PEPE (12%).
The total crypto market cap has added around $100 billion since yesterday and is up to $2.360 trillion.
Cryptocurrency Market Overview. Source: QuantifyCrypto