Bitcoin experienced a rollercoaster week, beginning with a strong surge above $64,000 on Monday after a quiet weekend. However, this period of stability was short-lived as the cryptocurrency’s value plummeted to $58,500, its lowest point in almost two months. This significant drop posed a challenge for Bitcoin, especially after a string of positive results.
Nevertheless, Bitcoin bulls remained undeterred and swiftly responded to reverse some of the losses. The digital currency’s price once again surpassed the $60,000 mark, driven by a buying frenzy that briefly pushed it above $62,000 on Wednesday. As of the time of writing, the price of BTC stood at $61,730.6, with a 0.7% increase in the last 24 hours.
Meanwhile, several altcoins have outperformed Bitcoin, with many major altcoins attempting to initiate a rally. ETH, for instance, seems to be aiming for a bullish breakout above $3,500, while XRP is on track to surpass the $0.50 resistance zone. ADA, on the other hand, remains stagnant near the $0.40 level.
One notable altcoin that saw a surge in value is Solana (SOL), which rose following the news of VanEck’s request to create the first Solana ETF in the United States. SOL’s value reached $150, marking a 7% increase in just one day.
Today’s highlight was the cryptocurrency Akash Network (AKT), which saw an almost 20% increase. Other cryptocurrencies like AVAX, DOT, BONK, and BCH also appreciated by over 5%.
Disclaimer: The opinions expressed in this article, including those of the author and individuals mentioned, are solely for informational purposes and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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