Bitcoin’s positive price movement helped Bitcoin reach a multi-month high of around $68,500 yesterday, but Bitcoin has lost momentum and is now above $67,000.
Altcoins were also very weak today, with XRP up 2.5% and the two meme coins rising the most.
BTC’s breakthrough
It’s safe to say this was a positive seven days for the major cryptocurrencies. Exactly one week ago, the bears appeared to be in complete control of the market, pushing the market significantly lower to a multi-week low below $59,000.
However, the Bulls stepped up their game at this point and did not allow any more pain. Quite the contrary, BTC began to quickly regain momentum, reaching around $63,000 at the end of the week. Business Week got off to an even stronger start, surging toward $68,000 on Tuesday.
After a sudden and violent $3,000 correction, Bitcoin is back on the offensive, surging to $68,450 yesterday (on Bitstamp), its highest level since late July.
Nevertheless, despite heavy inflows into the Spot BTC ETF, the stock price has not been able to sustain itself and is currently above its major lows. Still, the company’s market capitalization remains at $1.33 trillion, and its control over alternatives is at a multi-year high of 55% in CG and 59% in other monitoring resources.
Bitcoin/price/charts 17.10.2024. Source: TradingView
Memes in the zone
Most large-cap alt stocks continue to slump on a daily basis. ETH, BNB, SOL, DOGE, TRX, and TON had small gains or small losses. Ripple’s XRP rose the most at 2.4% and is currently trading above $0.55.
The top performer among the largest 100 alternatives is Meme Coin. BONK is up 7% and is currently near $0.000024, while NEIRO is up 5.5% with a price of $0.00199. SUI, POPCAT, and XLM will also follow suit.
The market capitalization of virtual currencies is approximately $2.42 trillion in CG, which is about the same level as yesterday.
Overview of the cryptocurrency market. Source: Coin360 Special Offer (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 on Binance (details).
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Cryptocurrency charts by TradingView.
