Bitcoin, the top cryptocurrency, recently surged to a high of $62,782 in one day. This big price jump triggered a volatility alert from the 100eyes Crypto Scanner.
Bitcoin, the world’s largest cryptocurrency, has now hit its highest level since July 2. On July 5, it dropped to $53,550, its lowest in five months, because of bearish factors like the anticipated Mt. Gox repayments and a selling spree by Saxony.
Optimism Grows in Crypto Market Amid Positive Developments
Now that Saxony has sold all of its Bitcoins, the crypto market is becoming increasingly buoyant. The cooler-than-expected U.S. inflation data is also likely behind this rapidly improving sentiment.
Moreover, the cryptocurrency community is currently speculating about whether China has actually moved to unban Bitcoin. Galaxy Digital CEO Mike Novogratz stated that this could potentially be “a huge deal.” However, he has also questioned the veracity of such rumors.
Altcoins Rally Alongside Bitcoin Surge
Major alternative cryptocurrencies have rallied in tandem with Bitcoin. Ethereum (ETH) has risen by as much as 4.6%, reaching an intraday high of $3,336.
BNB and Solana (SOL) are also on the rise, up 2.7% and 4.5%, respectively. However, Ripple-affiliated XRP and Cardano (ADA) are lagging behind the rest of the major altcoins with relatively modest gains. Cardano is up by just 0.8%. Meanwhile, Tron (TRX) has slightly declined, down 0.2%.
Meme Cryptocurrencies Struggle Amid Bitcoin Rally
In the meantime, meme cryptocurrencies are emerging as the biggest laggards among major cryptocurrencies.
Dogecoin (DOGE) is down 0.2% despite Bitcoin’s recent rally. Shiba Inu (SHIB) has also declined by 0.6%. Meanwhile, Pepe (PEPE) has dropped by as much as 1.5%, making it one of the worst-performing tokens within the CoinGecko top 100.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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