Bitcoin in Monday Morning
Bitcoin had another positive weekend, with the coin's price recovering from a decline around $67,000 to reach nearly $70,000 on Monday morning, the highest price level for the coin in nearly seven weeks.
Alternative digital currencies also witnessed a recovery, as Ethereum (ETH) was able to erase almost all losses after the launch of the ETF, while Bitcoin Cash (BCH) rose by 14% in the last 24 hours to reach $450.
Bitcoin performance analysis:
Last week was not a good one for Bitcoin, as the price of the coin fell from around $68,000 to less than $63,500 by Thursday, making this the lowest weekly level for the coin.
However, speculators were able to quickly intervene to prevent further decline.
In the following days, Bitcoin regained its strength and jumped by several thousand dollars.
The weekend witnessed major fluctuations due to the Bitcoin 2024 conference in Nashville and Donald Trump’s speech.
The currency jumped from $68,000 to $69,000 and then fell to $67,000 in a few minutes after some important announcements.
At the beginning of Monday, Bitcoin rose to $69,800, recording its highest price since June 12.
Although it has not been able to exceed this level yet, it is still up by 3% during the day, and its market value reached $1.370 trillion, with a dominance rate in alternative currencies reaching 53%.
On the other hand, Bitcoin Cash (BCH) witnessed the largest daily increase among the major alternative digital currencies, as it rose by more than 14% to trade above $450 for the first time in months.
While other currencies such as Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), Toncoin (TON), Cardano (ADA), Avalanche (AVAX), and Link (LINK) achieved similar gains.
The cumulative market capitalization of all crypto assets has risen by $70 billion since yesterday, approaching $2.6 trillion.
