Bitcoin had a rollercoaster week with its price fluctuating wildly. It started positively on Monday morning, pumping to almost $65,000, only to be followed by a steep decline to $62,000 as bears took control of the market. The downward trend continued as Bitcoin slipped below $60,000, hitting a two-month low of $56,500 on Wednesday.
Following the latest US FOMC meeting and the announcement that interest rates would not be raised soon, Bitcoin experienced a $2,000 pump and dump before returning to its initial position. However, the cryptocurrency began to recover ground, reaching close to $60,000 before breaking through this psychological resistance and surging to a multi-day peak of $63,500. Currently, Bitcoin sits around $63,000 with a 6% daily increase.
Most altcoins have also seen significant gains during this period. Dogecoin, the largest meme coin, saw an increase of over 12% and is now trading at $0.15. Similarly, PEPE jumped 11.7%, SHIB gained 8%, and STX soared by 14% to $2.4. Ethereum and Binance Coin also saw a rise of around 3.5%, with ETH surpassing $3,100 and BNB reaching $585. Other large-cap altcoins like TON, BC, AVAX, NEAR, and HBAR are also in the green.
The total crypto market cap has rebounded by more than $200 billion since the Wednesday low, now standing at $2.460 trillion on CG. This recovery has been fueled by Bitcoin’s price surge and the impressive gains seen across the altcoin market.
Bitcoin’s price recovery has been remarkable, with the cryptocurrency bouncing back from a two-month low to reach new multi-day highs. The positive momentum has also spilled over to the altcoin market, with many coins posting significant gains. Despite the volatility, the overall market sentiment remains bullish as investors continue to show confidence in the cryptocurrency market.
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