Markets
Bitcoin (BTC) Price Jumps to $67K as Mining Stocks HIVE, WULF, CAN Rise; XRP leads Altcoins
The digital asset market saw a quick reversal on Monday with bitcoin (BTC) deleting one early decline to almost $65,000 and returning to the $67,000 level in three days.
The $65,000 area was the same level that bitcoin bounced from during last Friday. big shake. At press time, it was trading at $66,800, up 0.9% in the last 24 hours.
Most altcoins also recovered but lagged BTC on the daily time frame. Ether (ETH) was still in the red, down 0.7% during the same period, while dogecoin (DOGE)shiba inu (SHIB) and native tokens from Avalanche layer 1 networks (AVAX) It’s close (CLOSE) fell 2%-5%.
Ripple’s XRP (XRP) outperformed most cryptocurrencies with its 5% daily gain and was recently the only cryptocurrency – other than BTC – in the broad market crypto benchmark CoinDesk 20 Index with positive daily performance. Several smaller, publicly traded bitcoin miners have seen double-digit gains. Hive Digital Technologies (HIVE), TeraWulf (WULF), Canaan (CAN) rose 10%-20% during the day, while large-cap miners Marathon Digital (MARA) and Riot Platforms (RIOT) rose 4%.
Moving away from traditional markets, the broad-market S&P 500 and technology-based Nasdaq 100 continued to rise to new all-time highs and were up 0.9% and 1.2%, respectively.
Bitcoin has been swinging sideways in a narrow range below its all-time high prices since March, eliminating excess leverage in liquidation cascades and certainly causing some impatience on the part of market participants, especially the “up the number” crowd. Underscoring the boring price action, bitcoin’s 30-day realized volatility has fallen to near-historic levels, Alex Thorn, head of research at digital asset investment firm Galaxy, pointed out in a X post.
Derivatives trading network Paradigm said the crypto market is “losing momentum” due to a lack of catalysts to move traders into action. “Despite positive forecasts, a new market needs real news to move forward and maintain traction,” he said in a Telegram update earlier today.
Trader and market analyst Bob Loukas, however, moderated expectations for the short term, watching that BTC is “clearly” in its declining phase of its daily cycle and could revisit the lower $60,000 area ahead of a more sustainable uptrend.