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Bitcoin started the day at the $57,000 level, but as the day progressed, the situation took an incredible turn. As of this hour, Bitcoin‘s price has surpassed the $61,000 level for the first time since November 18, 2021.
Bitcoin’s Price Rise
Bitcoin broke through the $69,000 mark in November 2021, leading investors and analysts to believe it was on its way to $100,000. However, things did not go as expected. By the end of 2022, charts were indicating a level of $16,000 for BTC. The recovery started from this point.
At the beginning of 2023, BTC entered a recovery phase and after a full year, it was trading above $40,000, having tripled in price during this period. In January 2024, following the approval of a Spot Bitcoin ETF, BTC rose to $49,000 before falling again to $38,500, but it soon recovered once more.
Following this period, the market experienced a positive atmosphere and, spurred by the excitement of the BTC halving, the price suddenly soared and has been maintaining this rise for days. Especially today, starting its journey at the $57,000 level, the BTC price has, as of writing, climbed above the $61,000 mark and is trading at this level.
During this process, Bitcoin’s market capitalization nearly reached $1.2 trillion, yet curiously, there was a drop of over 4% in trading volume. While all this was happening, investors were wondering whether the price could rise again to its historical peak of $69,000.
The Latest on Altcoins
Meanwhile, attention has turned to the altcoin market. ETH, the undisputed leader of altcoins, was trading at $3,360, up 3.24%, at the time of writing.
Looking at other high-volume altcoins on the list, BNB‘s price was up nearly 5%, trading above $413, while Solana (SOL), which made a significant impact last year, was up 2.52%, trading above $111.
XRP, one of the most followed altcoins in the market, saw a 4% increase during the same period, trading at $0.588.
As for meme coins, indicators pointed to an uptrend for DOGE and SHIB. Respectively, these meme coins rose by 2.45% and 5.37%, trading at $0.099 and $0.000011.
