Bitcoin Hovers Around $67K As Altcoins Rally

Bitcoin (BTC) has remained strong over the last 24 hours, achieving gains exceeding 5%. In a broader sense, the cryptocurrency market experienced a significant recovery yesterday after a sluggish start and notable declines.

Buyers intervened and propelled Bitcoin above $67K, with numerous altcoins also showing impressive returns. Remarkably, all of the top 100 cryptocurrencies by total market capitalization are in the green.

Bitcoin Reaches Above $67K

BTC hit a local daily high of $67,400 on Bitstamp but has since decreased to its current level of $66,600. Despite this, it remains a strong performance, and the bulls might be consolidating in preparation for a new rally toward the $70K mark.

When viewed on an hourly scale, the price appears to be on an upward trend, raising the question of whether it will reach $70K, the next significant level. Moreover, it is not just Bitcoin experiencing gains, as the entire market is showing strength. In fact, all large-cap altcoins have risen significantly. Notable performers include DOGE, which increased by approximately 7.3%, SOL by nearly 6%, AVAX by 5.4%, NEAR by over 6%, and various others. SEI and ORDI rose by 18.5% and 16.4%, respectively. Among meme coins, POPCAT and BONK performed best, increasing by 16% and 13.2%.

Other Markets

The 2024 Republican National Convention is a focal point amidst various economic developments. Investors are increasingly drawn to junk debt and industrial sectors under the influence of the Trump trade surge, while the tech sector faces pressure to deliver on earnings amidst a significant stock slump. Additionally, the US economy anticipates the release of Personal Consumption Expenditures Price Index figures amid easing inflation, which could reassure the Federal Reserve.

Meanwhile, Ghana teeters on the brink of a debt default, and Nigeria celebrates the opening of the $21 billion Dangote Mega Oil Refinery, aiming for a daily output of 550,000 barrels. Across the Pacific, Xi Jinping is still trying to reclaim wasteland for agricultural use which underscores his efforts to bolster food security and reduce reliance on imports, reflecting broader global economic dynamics.