On Friday, May 10, 2024, Bitcoin (BTC) witnessed a significant surge of 4% in a matter of hours, briefly hitting the $63,500 mark before stabilizing around $63,000. This increase comes after a relatively calmer week compared to the previous drop, where Bitcoin plummeted to a two-month low of $56,500.
Although Bitcoin briefly surpassed this threshold earlier in the week, reaching $65,500 on Monday, it failed to maintain those levels and retraced, falling to $60,600 yesterday. However, investors prevented a drop below $60,000, and the cryptocurrency quickly regained its strength, surging to nearly $64,000 earlier today, despite minor outflows from US spot Bitcoin ETFs.
As for the broader crypto market, Bitcoin’s struggle to maintain its position is contrasted by the significant gains seen in other cryptocurrencies. Toncoin (TON), Akash Network (AKT), and meme coin WIF are among the standout performers, experiencing impressive increases in their values. Toncoin, which faced difficulties in recent weeks, has managed to reverse its trajectory and is now trading near $7, with a daily increase of 13%. Similarly, WIF also demonstrated notable growth of 14%, reaching almost $3.2.
Additionally, altcoins such as IMX, SOL, GRT, and RNDR are also in the green, displaying gains ranging between 6% and 18%. Ethereum (ETH), after a 2% increase, has reclaimed the $3,000 level, while Binance Coin (BNB) has experienced a slight devaluation, remaining close to $600.
The total value of the cryptocurrency market surged by approximately $50 billion in just one day, reaching nearly $2.45 trillion. This surge reflects the growing interest and confidence in the cryptoasset market, despite the observed volatility in several currencies.
Disclaimer: The views and opinions expressed in this article, as well as those of any mentioned individuals, are solely for informational purposes and do not constitute financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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