Bitcoin Surges Above $67,000, Ending Three-Week Drought
The global cryptocurrency market has reached a new milestone, with a total value of $2.42 trillion, according to data from CoinMarketCap.
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Bitcoin, the world's largest cryptocurrency, broke above the $67,000 mark for the first time in over three weeks, according to data from CoinMarketCap. The price of Bitcoin reached this level around 4 p.m. EDT on Friday, registering a daily gain of 2.8%. This marks the first time the cryptocurrency has stood above this level since April 24.
Ethereum and Altcoins Also See Significant Gains
Ethereum, the world's largest altcoin by market capitalization, surged 5.2% to $3,090 during the same period. Other altcoins also saw significant gains, with some rising as much as 10%. The overall cryptocurrency market value has increased by 3.12% to $2.42 trillion.
Cryptocurrency Market Sees Recovery After Recent Selloff
The cryptocurrency market has experienced a recovery following a recent selloff, which was triggered by a decline in demand for Bitcoin following its halving last month. The market also felt the impact of Binance's former CEO and co-founder being sentenced to four months in prison. However, the recent rebound in cryptocurrencies has been driven by hopes that the Federal Reserve could start lowering interest rates this September, following a slowdown in US consumer inflation in April.
Bitcoin's Dominance Remains High
Despite the recent gains, Bitcoin's dominance in the cryptocurrency market remains high at 54.4%. Ethereum's dominance stands at 15.3%. The cryptocurrency market has seen a significant recovery from its low point on May 1, when Bitcoin plummeted below the $57,000 level for the first time in over two months.
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