In recent days, the spot Bitcoin ETFs have been experiencing positive inflows, leading to a significant recovery in the price of the underlying asset. Bitcoin, after facing extreme turbulence at the beginning of the month, saw a drastic drop to a three-month low of under $54,000 on July 5. However, the asset has since managed to bounce back, gaining more than ten thousand dollars. The price surge began with a jump to $58,000 and continued to climb steadily.
Following a failed assassination attempt against US presidential candidate Donald Trump over the weekend, Bitcoin experienced a sharp spike in price and reclaimed the $60,000 line. The momentum continued into the current business week, with Bitcoin reaching $63,000 yesterday and surpassing $66,000 for the first time since June 20. Although the price has dipped slightly, Bitcoin now sits at just over $65,000, with a market cap slightly above $1.280 trillion and a dominance over altcoins at 51.2%.
Amid Bitcoin’s recovery, altcoins have also seen significant gains. XRP, Ripple’s native token, has emerged as the top performer, surging by more than 13% in the past 24 hours and reaching a multi-month peak of over $0.6. FET, another larger-cap altcoin, has experienced a similar surge, reaching $1.5. Other impressive gainers in the altcoin market include SOL (6%), DOGE (5%), AVAX (8%), DOT (5%), APT (10%), XLM (8%), and ATOM (8%).
The cumulative market capitalization of all crypto assets has seen a significant increase, adding more than $80 billion overnight and reaching just over $2.5 trillion on CG. This growth in market capitalization indicates a strong positive sentiment in the cryptocurrency market, driven by Bitcoin’s recovery and the surge in altcoin prices.
Overall, the recent price movements in the cryptocurrency market reflect a renewed bullish sentiment, with Bitcoin leading the way in terms of recovery and price surge. Altcoins have also benefited from this positive momentum, with significant gains across various assets. As the market continues to evolve, investors are closely watching these developments and positioning themselves accordingly.
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