On Friday, May 10, 2024, Bitcoin (BTC) witnessed a significant surge of 4% in the past few hours, briefly touching the $63,500 mark before stabilizing around $63,000. This rise comes after a relatively calmer week compared to the previous drop, where Bitcoin hit a two-month low of $56,500.
Although Bitcoin briefly crossed the $60,000 threshold earlier this week and reached $65,500 on Monday, it couldn’t sustain those levels and retraced back to $60,600 yesterday. However, investors prevented a drop below $60,000, and the cryptocurrency quickly regained its strength, reaching nearly $64,000 earlier today, despite minor outflows from US spot Bitcoin ETFs.
As of now, the price of BTC stands at $63,031.44, showing a 3.5% increase in the last 24 hours.
While Bitcoin faces challenges in maintaining its position, other cryptocurrencies are experiencing significant gains. Toncoin (TON), Akash Network (AKT), and meme coin WIF stand out with impressive value increases. Toncoin, which has faced difficulties in recent weeks, has reversed its trajectory and is now trading near $7, showcasing a daily increase of 13%. Similarly, WIF has also seen a notable surge of 14%, reaching almost $3.2.
Additionally, altcoins like IMX, SOL, GRT, and RNDR are also in the green, with gains ranging from 6% to 18%. Ethereum (ETH) has regained the $3,000 level after a 2% increase, while Binance Coin (BNB) remains relatively stable, hovering near $600.
The total value of the cryptocurrency market has surged by approximately $50 billion in just one day, reaching close to $2.45 trillion. This reflects the growing interest and confidence in the cryptoasset market, despite the volatility observed in various currencies.
Disclaimer: The views and opinions expressed in this article, by the author or anyone mentioned, are solely for informational purposes and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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