Bitcoin surges to USD67K for 1st time in over 3 weeks

(MENAFN) Bitcoin surged on Friday, surpassing the USD67,000 mark for the first time in over three weeks, marking a significant uptick from its recent lows. The last instance of the world's leading cryptocurrency reaching this threshold was noted on April 24. According to data from CoinMarketCap, a prominent digital asset price-tracking website, Bitcoin was trading at this level around 4 p.m. EDT (2000 GMT), marking a daily gain of 2.8 percent.

Simultaneously, Ethereum, the foremost altcoin in terms of market capitalization, saw its value rise by 5.2 percent to USD3,090 at 4:37 p.m. EDT (2037 GMT). Additionally, several other altcoins experienced notable gains, with some witnessing daily price increases of up to 10 percent.

The overall cryptocurrency market exhibited strong performance, reaching a valuation of USD2.42 trillion with a daily gain of 3.12 percent. Bitcoin's dominance in the crypto market, indicated by its share of the total market capitalization, stood at 54.4 percent, while Ethereum's dominance was at 15.3 percent.

This positive momentum in the cryptocurrency space follows a period of volatility, particularly highlighted by Bitcoin's dip below the USD57,000 level on May 1, marking its lowest point in over two months since February 27. The market downturn during this period was attributed to decreased demand for Bitcoin following its halving last month, coupled with the news of Binance's former CEO and co-founder receiving a four-month prison sentence.

The recent resurgence in cryptocurrency prices coincides with developments in the broader economic landscape, notably the release of US consumer inflation data in April, which indicated a slowdown from the previous month. This led to speculation among investors that the Federal Reserve might consider initiating interest rate cuts as early as September, further fueling optimism in the cryptocurrency market.

MENAFN20052024000045015839ID1108233526