Ethereum (ETH) Explodes 10% Daily, Bitcoin (BTC) Jumps Above $60K (Market Watch)

Bitcoin’s price recovery continues as the asset flew past $60,000 and neared $63,000 for the first time since the weekend.

The altcoins have also turned green once again. This time, Ethereum leads the pack with a notable 10% surge.

BTC Goes Beyond $60K

CryptoPotato reported the market-wide crash that transpired at the end of last week and especially on Monday, in which BTC’s price tumbled from over $66,000 to a 6-month low of $49,500 within the span of just a few days.

However, the asset started to recover almost immediately. It jumped to $53,000 on Tuesday and climbed to over $57,000 by Wednesday. After a minor retracement on Thursday, the bulls stepped up on the gas pedal earlier today once again.

As a result, bitcoin skyrocketed to over $60,000 but kept going up. This culminated in nearing $63,000 for the first time since last Saturday. Despite failing to maintain that rally and retracing slightly, the cryptocurrency is still more than 6.5% up on the day and sits around $61,000.

Its market capitalization has managed to reclaim the $1.2 trillion level, while its dominance over the alts has risen to 53.9%.

Bitcoin/Price/Chart 09.08.2024. Source: TradingView

ETH on the Rise

Ethereum’s native token was among the poorest performers during the recent crash. It came inches away from breaking below $2,000. However, ETH has bounced off nicely in the following days. The past 24 hours alone have been quite beneficial for it as it has added more than 10% of value and now trades well above $2,600.

DOGE, SHIB, and AVAX are the other notable gainers from the larger-cap alts. In contrast, XRP has retraced slightly after the massive surge experienced following the $125 million fine slapped by a US judge regarding Ripple’s legal battle against the SEC.

Most other larger- and mid-cap alts are also in the green, which has helped the total market cap rise to $2.234 trillion on CG.