04 May

Bitcoin’s recovery tour continues as the cryptocurrency jumped from under $59,000 yesterday to a multi-day peak of over $63,000 earlier today.

Most altcoins have followed suit with impressive gains once again, including the ever-volatile meme coin sector.

BTC Goes After $63K

Bitcoin had a highly adverse trading week as its price dumped hard on a few occasions. It all started positively on Monday morning when BTC pumped to almost $65,000, but the bears took control of the market immediately and pushed it south to $62,000.The declines were far from over as the asset further slumped to and below $60,000. The correction culminated in a two-month low of $56,500 charted on Wednesday, ahead of the latest US FOMC meeting. 

Following that, and the Fed's announcement that it would not be raising interest rates anytime soon, Bitcoin responded with a $2,000 pump and dump, which brought it back to its initial level. It began to regain more ground in the hours that followed, and yesterday it got close to $60,000.

It was initially stopped there, but later that day it overcame that psychological barrier. Bulls persisted in their pressure, pushing Bitcoin to a multi-day high of $63,500. Even though it has since lost some ground, the current value of bitcoin is approximately $63,000.

With a 6% daily gain, its market capitalization has reached $1.240 trillion, and it now has a 50.5% lead over the alternatives.

DOGE, SHIB, and PEPE are Growing

The unpredictable memecoin market produces the biggest gainers among the main altcoins. The first and biggest coin in the group, Dogecoin, is currently trading at $0.15 after rising by more than 12%. PEPE has also increased by 11.7%, and SHIB has increased by 8% to be above $0.000025. As for the other very spectacular gainer, STX has shot up 14% to $2.4.

The increases in Ethereum and Binance Coin are comparable, coming in at about 3.5%. As a result, BNB is trading at $585 while ETH has surged above $3,100.

The remaining larger-cap alts, TON, BC, AVAX, NEAR, and HBAR, are likewise in the green. Since the trough of the cryptocurrency market cap, the total has regained more than $200 billion.

May 2024, Cryptoniteuae

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