The cryptocurrency market has witnessed a significant surge, with Bitcoin leading the charge and altcoins following suit. Following a period of decline where Bitcoin’s price dipped to $38,500, the digital currency experienced a noteworthy recovery, surpassing the $47,000 mark. This resurgence comes on the heels of decreased selling pressure from major players such as Grayscale and the recent start of Bitcoin Spot ETF trading.
Bitcoin’s Momentum Gains Traction
The leading cryptocurrency, Bitcoin, has recorded an over 5% increase in price, reaching $47,145. The uplift in value aligns with a notable rise in the 24-hour trading volume, which has escalated by 21%, moving past the previously reported $30 billion benchmark. Market capitalization has remained robust, maintaining above the crucial $900 billion with a notable rise to the $925 billion territory.
Altcoins Echo Bitcoin’s Upward Movement
Ethereum, Bitcoin’s primary competitor, has also experienced a leap in value, climbing over 3% to hit the $2,500 level. Other altcoins such as SOL and BNB have joined the upward trend, with SOL increasing by 4% to over $105 and BNB up by more than 2%, moving beyond the $324 level. XRP has garnered attention with a 2% rise, reaching $0.525, amid recent controversies surrounding the cryptocurrency.
The market’s rebound may be influenced by a combination of eased selling pressures and the potential impact of new airdrops. As the cryptocurrency market recovers, investors are keenly observing the trend with curiosity regarding its sustainability and potential peak levels.
In light of the market’s dynamics, celebrated analyst Michael van de Poppe had previously suggested that Bitcoin’s price might reach between $48,000 and $51,000 prior to its next halving event.