Markets
Bitcoin Hits 7-Week High Near $70K, Bitcoin Cash Skyrockets 14% Daily (Market Watch)
Another strong weekend for Bitcoin, as its price recovered from a dip toward $67,000, before hitting nearly $70,000 on Monday morning for the first time in nearly seven weeks.
Altcoins are also on the rise, with ETH erasing almost all of its losses after the ETF launch, while BCH has jumped to $450.
BTC Aims For $70,000
The previous work week didn’t go so well for Bitcoin, as the asset fell from around $68,000 to below $63,500 by Thursday. This became a weekly low, but bulls were quick to intercept the move and prevent further losses.
On the contrary, the cryptocurrency began to regain momentum almost immediately and jumped several thousand dollars the next day. The weekend was also expected to be volatile due to the Bitcoin Conference Nashville 2024 and Donald Trump’s speech there.
He once made some big promises, including the potential dismissal by Gary Gensler, BTC Has Actually Moved Ahead roller coaster from $68,000 to $69,000 and back to $67,000 in minutes.
However, Monday’s start was much more promising, as Bitcoin jumped to $69,800 in the morning, marking its highest price since June 12. Despite not yet managing to surpass that level, BTC is still up 3% on the day, its market cap has risen to $1.370 trillion, and its dominance over alts has touched 53%.
Bitcoin/Price/Chart 29.07.2024. Source: TradingView
BCH on a roll
The entire altcoin space has turned red on a daily scale. ETH has gained over 4% in value and is now sitting near $3,400. BNB has approached $600 after rising 3%. SOL, DOGE, TON, ADA, AVAX, and LINK have all seen similar gains.
Bitcoin Cash leads the way with the biggest daily gain among the large-cap alts. BCH is up over 14% and is trading above $450 for the first time in months. LTC, PEPE, INJ, and MKR are all up 5% overnight.
The cumulative market cap of all cryptocurrencies has increased by $70 billion since yesterday and now stands at nearly $2.6 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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