Bitcoin has been on a rollercoaster ride over the past week, starting with a promising pump to nearly $65,000 on Monday morning. However, the bears quickly took control, sending the price south to $62,000 and then further downward to below $60,000. The correction hit a low of $56,500 on Wednesday ahead of the US Federal Open Market Committee (FOMC) meeting.
Following the conclusion of the FOMC meeting, where the Federal Reserve stated that it would not be raising interest rates anytime soon, Bitcoin experienced a $2,000 price swing. This led to a volatile period of pump and dump before stabilizing around the $60,000 mark.
After hovering near $60,000 for some time, Bitcoin managed to break through that psychological resistance and surged to a multi-day peak of $63,500. Despite some minor retracement, Bitcoin is currently trading around $63,000, reflecting a 6% daily increase. This surge has pushed Bitcoin’s market capitalization to $1.240 trillion, with dominance over altcoins standing at 50.5%.
The recent market recovery has seen altcoins following Bitcoin’s lead, with notable performances in the meme coin sector. Dogecoin has surged by over 12% to trade at $0.15, while PEPE and SHIB have also experienced significant gains of 11.7% and 8%, respectively. STX stands out as one of the top gainers, soaring by 14% to reach $2.4. Ethereum and Binance Coin have also seen healthy gains of around 3.5%, with ETH surpassing $3,100 and BNB at $585. Other larger-cap altcoins such as TON, BC, AVAX, NEAR, and HBAR have also turned green.
The overall cryptocurrency market has rebounded by more than $200 billion since hitting the Wednesday low, reaching a total market capitalization of $2.460 trillion on CoinGecko. This recovery signals renewed investor confidence in the market and suggests a potential bullish trend going forward.
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