Bitcoin (BTC), the world’s largest cryptocurrency hit its highest price point since early May. According to CoinGecko, Bitcoin surged by 7.7% in the last 24 hours and hit $28,880 a few minutes ago. The market is now stabilizing close to $28,700 but we could see some more volatility before the end of the week.
Bitcoin Surges by 7.7% and Hits $28,880
Bitcoin continues to move higher after several months in which the virtual currency has been traded in a downtrend. Indeed, since April 2023 that Bitcoin moved from $30,000 down to $25,000. Therefore, the recent price increase is putting Bitcoin very close to $30,000, a very important psychological level.
It is worth pointing out that Bitcoin is registering the largest price increase among the top 25 cryptocurrencies with the exception of Cardano (ADA) and Litecoin (LTC). These two cryptocurrencies registered higher price increases than Bitcoin.
To have a clear picture of what happened today, Ethereum (ETH) registered a 4.9% increase during the same period. This allowed ETH to hit $1,810 per coin. Binance Coin (BNB), which has been affected by the recent legal actions from the U.S. Securities and Exchange Commission (SEC) experienced an increase of 3.4%, pushing its price to $250.
XRP, instead, had just a 2.3% increase, far from the almost 8% shown by Bitcoin. Cardano is also following the same trend as Bitcoin with a price increase of almost 8%. Finally, Dogecoin (DOGE) and Solana (SOL), grew by 3.2% and 4.9% respectively.
It is also worth pointing out that Bitcoin’s dominance continues to grow. This shows that there is a transfer of funds from altcoins to BTC or an increase in the inflows to BTC compared to those of altcoins.