After an impressive surge that propelled Bitcoin to its highest value in nearly a month, surpassing $67,500, the leading cryptocurrency is now consolidating around $66,800. This week witnessed a significant rise in Bitcoin’s price, with a gain of over $6,000, signaling a renewed interest and optimism among investors.
Earlier in the week, Bitcoin experienced a brief pullback, dropping slightly above $60,000. However, this level proved to be a strong psychological support, as evidenced by increased buying activity over the weekend and into the following week.
The renewed momentum reached its peak on Monday when Bitcoin surpassed $63,000. Despite a minor retreat to $61,200 on Tuesday, the release of the US Consumer Price Index (CPI) data for April provided the necessary impetus for another surge, pushing Bitcoin above $66,500 for the first time since mid-April.
Although there was a brief decline after reaching the peak, Bitcoin demonstrated its resilience as bulls drove its price back up to nearly $67,700. Currently, Bitcoin is trading around $66,700, with a market capitalization of $1.32 trillion and a dominance of 51.7% over other cryptocurrencies.
In addition to Bitcoin, other cryptocurrencies such as SOL and LINK also delivered noteworthy performances. SOL saw a 17.5% increase in value, trading at over $170, while LINK advanced by 22%, reaching approximately $16.5. Cryptocurrencies like Avalanche, Bitcoin Cash, and UNI also experienced significant gains, with increases of up to 14%. Notably, the BONK meme cryptocurrency has stood out in the market, with an over 8% increase in the past 24 hours.
On the other hand, some cryptocurrencies, including TON, witnessed a decline in value, with a drop of more than 9% in the past week. This contrasts with the overall upward trend that has propelled the total value of the cryptocurrency market to around $2.55 trillion, an increase of over $150 billion on a weekly basis.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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