Bitcoin Makes a Strong Comeback, Surges 15% to Surpass $65,350
After a period of uncertainty, the global crypto market has experienced a significant resurgence, with Bitcoin leading the way. The leading cryptocurrency has surged over 15.2% from its recent lows in May ($56,715) to reach $65,350, marking its highest point since April 24. This impressive rally has injected fresh optimism into the broader cryptocurrency landscape.
Altcoins have also made remarkable gains in the past 24 hours. Assets like TON, SOL, and AVAX have stood out with impressive performances. Despite a correction of 11.79% in the previous week, the global crypto market has bounced back, recouping a significant portion of its recent decline. This rebound has not only confirmed a crucial long-term support level but has also formed a bullish weekly candlestick, suggesting a potential upward trajectory.
Interestingly, altcoins have outperformed Bitcoin, with Solana (SOL), Toncoin (TON), and Avalanche (AVAX) recording gains of 6.9%, 8%, and 7%, respectively. Ethereum (ETH), the largest altcoin, has surged by 3% to surpass the $3,200 mark, while Binance Coin (BNB) has climbed to $600 after a similar increase. Other prominent altcoins like XRP, Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), and Bitcoin Cash (BCH) have also seen positive movements.
Moreover, lesser-known altcoins such as Chainlink (LINK), Polygon (MATIC), Near Protocol (NEAR), Hedera (HBAR), and Render (RNDR) have recorded even more impressive gains. While the recent bounce is promising, the market still has a way to go to reach its yearly and all-time highs, requiring an additional increase of approximately 16.81%. The question remains whether this rebound signifies the beginning of a sustained upward trend towards these milestones.
Meanwhile, the overall crypto market cap has surged to $2.42 trillion, marking a $100 billion increase in just one day.