Bitcoin’s recovery tour continues as the cryptocurrency jumped from under $59,000 yesterday to a multi-day peak of over $63,000 earlier today.
Most altcoins have followed suit with impressive gains once again, including the ever-volatile meme coin sector.
BTC Goes After $63K
Bitcoin had a highly adverse trading week as its price dumped hard on a few occasions. It all started positively on Monday morning when BTC pumped to almost $65,000, but the bears took control of the market immediately and pushed it south to $62,000.
The declines were far from over as the asset further slumped to and below $60,000. The correction culminated in a two-month low of $56,500 charted on Wednesday, ahead of the latest US FOMC meeting.
Once that was completed and the Fed said it will not raise the interest rates soon, BTC reacted with a $2,000 pump and dump and returned to its starting position. It started to recover more ground in the following hours and neared $60,000 yesterday, as reported.
It was stopped there at first, but managed to break through that psychological resistance later that day. The bulls kept the pressure on and pushed BTC to a multi-day peak of $63,500. Despite losing some ground since then, bitcoin currently sits at around $63,000.
Its 6% daily increase means that its market cap has risen to $1.240 trillion, while its dominance over the alts stands at 50.5%.
Bitcoin/Price/Chart. 04.05.2024. Source: TradingView DOGE, SHIB, PEPE on the Rise
The top gainers from the largest altcoins come from the volatile meme coin sector. Dogecoin, the first and largest of the cohort, is up by over 12% and now trades at $0.15. PEPE has followed suit with an 11.7% jump, while SHIB has gained 8% and is above $0.000025. The other highly impressive gainer is STX, which has soared by 14% to $2.4.
Ethereum and Binance Coin have increased by similar percentages of around 3.5%. Consequently, ETH has soared past $3,100, while BNB is at $585.
The rest of the larger-cap alts are also in the green, including TON, BC, AVAX, NEAR, and HBAR. The total crypto market cap has recovered more than $200 billion since the low of Wednesday and is up to $2.460 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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