Cryptocurrency world started the new week with news about Bitcoin dropping to levels below $61,000 this morning. There was a sharp rise in Bitcoin price just a while ago. A sudden $2,000 movement has once again caused excitement in the cryptocurrency world. However, the excitement tends to be short-lived lately due to the price moving in ranges.
Bitcoin Price Exceeds $63,000
While writing this article, we saw Bitcoin’s price suddenly surge by $2,000, surpassing the $63,000 mark. BTC reached up to $63,080 on the Binance cryptocurrency exchange. Afterwards, there was a slight pullback, and BTC came down to $62,840 levels.
These price movements in Bitcoin, the flagship of cryptocurrency units, have started to become very harmful for altcoins lately. Frankly, the price of many altcoins is currently the same as when BTC was at $30,000 levels.
This situation means that slight pullbacks in BTC cause a bigger drop for altcoins. Altcoins need BTC’s price increase to become consistent for recovery. Let’s see if BTC can journey towards $65,000 in the coming period.
