Bitcoin’s price recovery persists after the recent downturns, with the cryptocurrency now hovering around $65,000.
Altcoins are showing even more strength, with ETH and BNB experiencing approximately 4% surges, while SHIB has emerged as a standout performer.
Bitcoin Targets $65K
The period leading up to the fourth Bitcoin halving was notably turbulent. Bitcoin’s value dropped from over \(70,000 to \)65,000 last Friday before plummeting to $61,000 the following day.
Despite a partial recovery by Monday, BTC faced additional downward pressure mid-week and on Friday amid escalating tensions between Iran and Israel. The final significant drop pushed BTC below $60,000 just hours before the highly-anticipated halving event.
However, the cryptocurrency swiftly rebounded by over \(5,000 in the subsequent half-day, reaching around \)65,000 following the completion of the halving.
Altcoin Surge Led by SHIB
Altcoins have outperformed BTC in the past 24 hours, spearheaded by the second-largest meme coin, Shiba Inu (SHIB), which surged by 18% to trade above $0.000027.
Other lower-cap meme coins like BONK, FLOKI, and PEPE also recorded double-digit gains.
Additionally, Solana, Avalanche, Bitcoin Cash, Dogecoin, Chainlink, Polygon, and Polkadot have all seen notable increases ranging from 6% to 8%.
The total cryptocurrency market capitalization has surged by over \(50 billion within a day, surpassing \)2.5 trillion on CG.
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