Bitcoin (BTC) Sees Abnormal Volatility, Soars to Nearly $63K
Release: 2024/07/15 13:29 Reading: 965
Bitcoin Reaches Intraday High, Triggering Volatility Alert
Cover Image via U.Today
The price of Bitcoin, the world's leading cryptocurrency, surged to an intraday high of $62,782 recently. This significant jump triggered a volatility alert from the 100eyes Crypto Scanner.
Market Dynamics
Bitcoin has now reached its highest level since July 2nd. Its previous low of $53,550 on July 5th was primarily attributed to factors such as the Mt. Gox repayments and selling by Saxony. However, with Saxony having sold all its Bitcoin, the crypto market is showing signs of recovery.
Positive sentiment has also been fueled by cooler-than-expected U.S. inflation data.
Speculation and Rumours
The cryptocurrency community is abuzz with speculation about a potential Bitcoin ban reversal in China. Galaxy Digital CEO Mike Novogratz believes this could be a "huge deal" if true, but he has also expressed skepticism about the accuracy of such rumours.
Alternative Cryptocurrencies
Major alternative cryptocurrencies have generally followed Bitcoin's uptrend. Ethereum (ETH) rose by 4.6%, reaching an intraday high of $3,336. BNB and Solana (SOL) gained 2.7% and 4.5%, respectively. Ripple-affiliated XRP and Cardano (ADA) saw more modest gains, with the latter rising by only 0.8%. Tron (TRX) declined by 0.2%.
Meme Coins Lag Behind
Meme cryptocurrencies have underperformed in comparison to their major counterparts. Dogecoin (DOGE) fell by 0.2% despite Bitcoin's surge. Shiba Inu (SHIB) dipped by 0.6%. Pepe (PEPE) declined by as much as 1.5%, making it one of the worst-performing tokens within the CoinGecko top 100.
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