Bitcoin (BTC) Reaches $63K as WIF and TON Coins Surge Amid ETF Outflows: Crypto Market Update

  • Bitcoin’s price volatility has seen an increase, with the asset briefly shooting up towards $64,000 before being pushed back down to $63,000.
  • Meanwhile, RNDR continues its impressive price ascent, reaching over $11, with most other altcoins also in the green.
  • Bitcoin’s recovery began last Friday, soaring to almost $64,000 by Sunday, but failed to maintain its run and started losing value in the following days.

Bitcoin’s price volatility increases as it briefly shoots up towards $64,000 before being pushed back down to $63,000. Meanwhile, RNDR continues its impressive price ascent, reaching over $11.

Bitcoin Rises to $63K

The ongoing business week has been less eventful than the previous one, where Bitcoin dumped to a two-month low of $56,500. Its recovery began last Friday and especially during the weekend, as the asset soared to almost $64,000 by Sunday. However, it failed to overcome that level at first but jumped above it and all the way up to a 12-day peak of $65,500 on Monday. However, it couldn’t maintain its run and started losing value in the following days. This culminated with a price drop to $60,600 yesterday. At this point, though, the bulls stepped up and didn’t allow a break below $60,000. In fact, Bitcoin started regaining traction and jumped to almost $64,000 earlier this morning despite the minor outflows from the US-based spot ETFs.

Altcoins on the Rise

Toncoin was among the poorest performers a few weeks ago despite the network’s adoption by the world’s largest stablecoin – USDT. However, the asset reversed its trajectory in the past few days and now sits close to $7 after a 13% daily surge. The popular meme coin – WIF – is another double-digit gainer from the larger-cap alts. A 10% surge has pushed it to almost $3.2. IMX (10%), SOL (7.4%), KAS (8.7%), and RNDR (6%) follow suit. ETH has reclaimed the $3,000 level after a 2% increase, while BNB is slightly in the red and is just inches below $600. The total crypto market cap has gained around $50 billion in a day and is close to $2.450 trillion now.

Conclusion

Despite the volatility, Bitcoin continues to show resilience, bouncing back from a drop to maintain a price close to $63,000. Meanwhile, altcoins such as Toncoin, WIF, IMX, SOL, KAS, and RNDR are also showing positive growth. As the crypto market continues to evolve, investors should keep a close eye on these developments.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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