Bitcoin Holds Above $60,000, Giving a Boost to Other Cryptocurrencies
On Friday, Bitcoin (BTC) continued its upward momentum from Thursday, holding above the $60,000 mark.
This rise marks a significant recovery for Bitcoin , which recently plunged to below $50,000 due to broader volatility in global markets.
Following Thursday’s steady rise, Bitcoin rose over 7%, briefly approaching $62,000 early on Friday before settling at $60,800 at the time of writing.
Some altcoins also made gains, reaching new weekly highs. Ethereum led the way with just over a 10% increase in the last 24 hours, while BNB , Shiba Inu and Bitcoin Cash registered gains of 4.5%, 6% and 7.5% respectively.
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Bitcoin Miners Struggle With Low Profits and Rising Operational CostsSeveral factors may have contributed to this market rebound, including the inflow of just over $194 million into the spot Bitcoin ETF on August 8.
The influx of new investors and capital likely played a role in boosting the price of Bitcoin, which in turn helped the gains of other cryptocurrencies.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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