The recent positive inflows towards spot Bitcoin ETFs have contributed to the recovery of the underlying asset’s price, which reached $66,000 for the first time in roughly a month. Bitcoin faced significant price turbulence at the beginning of the month, resulting in a price dump to a three-month low of under $54,000 on July 5. However, the asset has managed to bounce back, gaining more than ten thousand dollars in value since then.
Following the price dump, Bitcoin saw a bounce-back to $58,000 and maintained that level for several days. It wasn’t until the failed assassination attempt against US presidential candidate Donald Trump that Bitcoin spiked and reclaimed the $60,000 mark. Subsequent gains have seen Bitcoin surging to $63,000 and then tapping $66,000 for the first time since June 20. While the price has dipped slightly since then, Bitcoin currently hovers just above $65,000.
Apart from Bitcoin’s impressive performance, altcoins have also seen significant gains. XRP, Ripple’s native token, emerged as today’s top performer with a 13% surge in the past 24 hours, trading at over $0.6. Other notable altcoins that experienced substantial gains include FET, SOL, DOGE, AVAX, DOT, APT, XLM, and ATOM. The collective market capitalization of all crypto assets has increased by more than $80 billion overnight, now standing at over $2.5 trillion.
Bitcoin’s market cap currently exceeds $1.280 trillion, with its dominance over altcoins maintaining at 51.2% on CG. The positive market sentiment and increased investment flows towards Bitcoin ETFs have played a crucial role in the recent uptrend. Altcoins, particularly XRP, have also benefited from the overall bullish market conditions, showcasing impressive price surges and setting new multi-month highs.
The recent market scenario highlights the resilience and recovery of Bitcoin, along with the notable gains in the altcoin market. As investors continue to show interest in cryptocurrencies, the overall market capitalization and price trends are expected to remain dynamic. The ongoing positive momentum in the crypto space underscores the potential for further growth and adoption of digital assets in the financial landscape.
Leave a Reply