Bitcoin Surges 12% to $61,720 as Crypto Markets Recover
Bitcoin surges 12% to $61,720 as cryptocurrency markets recover from fractious start to the week. U.S. stocks rose by 1.9% on Thursday, as the total crypto market capitalization increased by 11% to $2.11 trillion, marking the largest increase since November 10, 2022 due to strong economic data and central bank actions.
Investor confidence was boosted by the news, leading to an increase in the cryptocurrency market. Additionally, the Bank of Japan’s resistance to rate increases in coming days contributed to the positive sentiment. This indicated that risky assets like cryptocurrencies would remain at a low level, making them more attractive.
Meanwhile, whales trading Bitcoin took advantage of Monday’s price collapse to amass larger amounts of BTC. Thursday’s surge was not limited to Bitcoin, as whale activity has been a significant factor in Bitcoin’s price movements in recent months.
The cryptocurrency market also saw reversal of its gains, with the total crypto market capitalization rising by 11% to $2.11 trillion, and many major altcoins experiencing double-digit increases. Despite concerns of a possible correction, the cryptocurrency experienced peaks near $70,000 just ten days ago. The swift recovery has eased those fears, with many analysts now projecting resumption of the bull market.
It is ironic that U.S.-listed spot exchange-traded funds (ETFs) attracted significant investor inflows during the week, as new funds invested total $194.6 million. The IBIT ETF by BlackRock was a significant contributor, pulling in $157.6 million in returns.
Bitcoin’s price surge on Thursday was comparable to its 14% increase on February 28, 2022. The cryptocurrency has exhibited frequent price fluctuations, and Thursday’s move was the most recent indication. However, Bitcoin is still trading significantly below its all-time high of $69,000.
However, with the coin now comfortably valued at more than $60,000, there is a lot of optimism going around the idea that its future will be positive. The market’s latest move also underscored the importance of large investors in driving Bitcoin’s price up and down. Whales have always been able to show what they can do when they want it, and Thursday’s was no different.
As time marched forward in the cryptocurrency space, one certainty remains unchallenged – volatility is here to stay. The volatility of Bitcoin and its competitors necessitates investors to remain alert and flexible in response to market fluctuations. Nevertheless, the outlook is favorable, with many investors anticipating a sustained surge in the crypto market.
Want to learn more about the crypto market and its trends? Check out this article on CoinSeeks.com, “Crypto Market Outlook 2023: What to Expect”, for valuable insights and information.
