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Cryptocurrency News Articles

Bitcoin Surges Past $66K as Altcoins Ride the Recovery Wave

Apr 22, 2024 at 04:42 pm

Bitcoin's price continues its upward trend post-halving, surpassing $66,000 for the first time in a week. Altcoins have followed suit, with Ethereum reclaiming $3,200 and BNB exceeding $600. NEAR Protocol's native token has seen the most significant gains among large-cap alts, rising by approximately 8%.

Bitcoin Surges Past $66K as Altcoins Ride the Recovery Wave

Bitcoin Soars Above $66,000 as Altcoins Ride the Wave of Recovery

In a testament to the resilience of the cryptocurrency market, Bitcoin (BTC) has resumed its upward trajectory following the completion of the highly anticipated halving event. After a brief dip below $60,000 amid geopolitical tensions, BTC has rallied back with renewed vigor, breaking above $66,000 for the first time in a week.

This surge in BTC's value has had a ripple effect throughout the altcoin market, with most major tokens experiencing modest gains over the past day. Ethereum (ETH) has reclaimed the $3,200 mark, while Binance Coin (BNB) has climbed above $600.

Bitcoin's Resurgence

After a tumultuous weekend, BTC began to recoup some of its losses during the business week, culminating in a spike to almost $67,000 last Monday. However, geopolitical tensions between Iran and Israel, coupled with other external factors, sent the asset tumbling south once more.

The cryptocurrency briefly dipped below $60,000 on two occasions during the week, with the most recent occurrence on Friday, just hours before the completion of the fourth halving. Nevertheless, BTC bounced back swiftly, soaring to around $65,000. It maintained this level as the block rewards for miners were halved.

Since then, BTC has been on a slow but steady upward climb, spiking above $66,000 earlier today to set a weekly high. Its market capitalization has surged to $1.3 trillion on CoinGecko, with its dominance over altcoins reaching 51%.

Altcoins Follow Suit

Most altcoins have followed Bitcoin's lead in their recovery, albeit with more modest gains. ETH, for instance, has gained approximately 1% in the past 24 hours and trades above $3,200. BNB has rallied by over 4%, pushing its price north of $600.

Other notable gainers include SOL, XRP, ADA, AVAX, DOT, and LINK, while TON, DOGE, SHIB, TRX, and BCH have experienced slight losses.

NEAR Protocol's native token (NEAR) has outperformed the larger-cap alts in the past 24 hours. NEAR has surged by around 8%, trading close to $7.

Total Market Cap Rebounds

The total cryptocurrency market capitalization has rebounded by a significant $40 billion overnight, reaching above $2.550 trillion on CoinGecko. This resurgence in value underscores the underlying strength and resilience of the cryptocurrency ecosystem, despite recent market volatility.

As the cryptocurrency market continues to navigate geopolitical uncertainties and other external factors, the halving event serves as a reminder of the underlying scarcity and deflationary nature of BTC. This event, coupled with the growing adoption of cryptocurrencies, suggests that the future remains bright for this burgeoning asset class.

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