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Bitcoin (BTC) Sees Abnormal Volatility, Rises to Nearly $63K
Alex Dobnya
Bitcoin (BTC) is leading the latest cryptocurrency rally
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The price of Bitcoin, the leading cryptocurrency, has recently increased increased to an intraday high of $62,782
The significant price increase has triggered a volatility alert from 100eyes Crypto Scanner.
The world’s largest cryptocurrency has now hit its highest level since July 2. On July 5, the cryptocurrency plummeted to $53,550, its lowest level in five months, due to bearish factors such as long-awaited Mt. Gox refunds and a series of sell-offs initiated by Saxony.
Now that Saxony has sold all its Bitcoin, the cryptocurrency market is becoming increasingly lively. The US, colder than expected, inflation data is probably also at the root of this rapid improvement in sentiment.
Additionally, the cryptocurrency community is currently speculating that China has indeed moved to lift the ban on Bitcoin. Galaxy Digital CEO Mike Novogratz said that this could potentially be “a big deal.” However, he also questioned the veracity of such rumors.
A mix
Major alternative cryptocurrencies rallied in tandem with Bitcoin. Ethereum (ETH) also rose as much as 4.6%, hitting an intraday high of $3,336.
BNB and Solana (SOL) are up 2.7% and 4.5%, respectively. Ripple-affiliated XRP and Cardano (ADA) are lagging behind the rest of the major altcoins with relatively modest gains, with the latter up just 0.8%. Meanwhile, Tron (TRX) is down 0.2%.
Meme coins are the most retarded
Meanwhile, meme cryptocurrencies are proving to be the biggest laggards among the major cryptocurrencies.
Dogecoin (DOGE) is down 0.2% despite Bitcoin’s latest rally. Shiba Inu (SHIB) is also down 0.6%. Meanwhile, Pepe (PEPE) is down as much as 1.5%, making it one of the worst-performing tokens in CoinGecko’s top 100.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.