Bitcoin (BTC) Sees Abnormal Volatility, Soars to Nearly $63K
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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 world's largest cryptocurrency has now reached its highest level since July 2. On July 5, the cryptocurrency plunged to $53,550, its lowest level in five months, due to such bearish factors as the much-awaited Mt. Gox repayments and a selling spree initiated by Saxony.
Now that Saxony has sold all of its Bitcoins, the crypto market is becoming increasingly buoyant. The cooler-than-expected U.S. inflation data is also likely behind this rapidly improving sentiment.
Moreover, the cryptocurrency community is currently speculating about whether or not China has actually moved to unban Bitcoin. Galaxy Digital CEO Mike Novogratz stated that this could potentially be "a huge deal." However, he has also questioned the veracity of such rumors.
A mixed bag
Major alternative cryptocurrencies have rallied in tandem with Bitcoin. Ethereum (ETH) is also up as much as 4.6%, reaching an intraday high of $3,336.
Alex DovbnyaBNB and Solana (SOL) are up 2.7% and 4.5%, respectively. Ripple-affiliated XRP and Cardano (ADA) are lagging behind the rest of major altcoins with relatively modest gains. The latter is up by just 0.8%. Meanwhile, Tron (TRX) is down 0.2%.
Meme coins are the biggest laggards
In the meantime, meme cryptocurrencies are shaping up to be the biggest laggards among major cryptocurrencies.
Gamza KhanzadaevDogecoin (DOGE) is down 0.2% despite Bitcoin's most recent rally. Shiba Inu (SHIB) has also dipped 0.6%. Meanwhile, Pepe (PEPE) is down as much as 1.5%, which makes it one of the worst-performing tokens within the CoinGecko top 100.
Arman Shirinyan
Dan Burgin