Bitcoin surges above USD65K threshold again with 6 percent increase daily
Date
5/16/2024 3:50:39 AM
(MENAFN) On Wednesday, Bitcoin surged above the USD65,000 thresholds once again, registering a daily gain of over 6 percent. This marked the first time the world's largest cryptocurrency had reached such levels since May 6. At 1:16 PM EDT (1716GMT), Bitcoin was trading slightly above this mark, boasting a daily increase of 6.1 percent, as reported by CoinMarketCap, a digital asset price-tracking website.
The recent rally comes after a period of turbulence for Bitcoin. On May 1, it had dropped below the USD57,000 level, its lowest point since February 27, amid a broader cryptocurrency market selloff. This downturn was attributed to diminished investor demand following Bitcoin's halving last month, coupled with news of regulatory actions, including the sentencing of Binance's former CEO and co-founder to four months in prison.
However, the tide seemed to turn following reports of a slowdown in US consumer inflation for April earlier on Wednesday. This development raised optimism among investors, fueling speculation that the Federal Reserve might consider lowering interest rates as early as September, thereby rejuvenating interest in Bitcoin and other digital assets.
Meanwhile, Ethereum, the leading altcoin by market capitalization, also experienced gains, rising by almost 3 percent to USD2,976 at 1:19 PM EDT (1719GMT). Several other altcoins witnessed substantial daily price increases, with some surging by as much as 13 percent.
As of the latest data, the total cryptocurrency market capitalization stood at USD2.35 trillion, with Bitcoin's dominance at 54.5 percent and Ethereum's dominance at 15.2 percent. These figures underscore the continued prominence of Bitcoin within the cryptocurrency market, even as altcoins gain traction and exhibit their own price movements.
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