As a seasoned researcher with a background in finance and cryptocurrencies, I have witnessed the volatile nature of the crypto market firsthand. The recent surge in Bitcoin’s price to $62,782 is an exciting development that comes after a bearish few months. The sudden shift in sentiment has triggered a volatility alert from my trusted 100eyes Crypto Scanner.
The price of Bitcoin, the leading cryptocurrency, recently surged to an intraday high of $62,782
The significant price jump has triggered a volatility alert from the 100eyes Crypto Scanner.
The top global cryptocurrency has recently hit its peak since the 2nd of July. However, just three days later on the 5th of July, it experienced a significant drop to $53,550 – its lowest point in over five months. This downturn can be attributed to several bearish factors, including the anticipated Mt. Gox payouts and a widespread selling wave instigated by Saxony.
Following Saxony’s decision to offload all its Bitcoins, the cryptocurrency market has gained significant momentum. The relatively lower than anticipated U.S. inflation figures might be contributing to this positive shift in investor sentiment.
Additionally, there are ongoing discussions within the cryptocurrency sphere regarding the possibility of China lifting its Bitcoin ban. Michael Novogratz, CEO of Galaxy Digital, expressed his belief that this development could hold significant implications. Nevertheless, he has raised doubts about the authenticity of such reports.
A mixed bag
Bitcoin’s surge has led to notable gains among other significant digital currencies. Ethereum (ETH), for instance, has risen by approximately 4.6% and peaked at $3,336 during the trading session.
Two noteworthy cryptocurrencies, Binance Coin (BNB) and Solana (SOL), have experienced notable growth of 2.7% and 4.5%, respectively. In comparison, Ripple‘s associated token XRP and Cardano (ADA) trail behind other significant altcoins with more restrained increases. XRP has risen by a modest 0.8%, while ADA remains unchanged at a growth rate of just 0.8%. Conversely, Tron (TRX) has experienced a slight decline, decreasing by 0.2%.
Meme coins are the biggest laggards
As a cryptocurrency analyst, I’ve observed that meme coins have lagged behind other major cryptocurrencies in terms of growth and performance recently.
Despite Bitcoin’s recent surge, Dogecoin (DOGE) has only decreased by 0.2%. Shiba Inu (SHIB) follows suit with a dip of 0.6%. Amongst the top 100 tokens on CoinGecko, Pepe (PEPE) experiences one of the greatest losses, amounting to as much as 1.5%.
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2024-07-15 08:45