Bitcoin explodes to $65,000, while Solana and Shiba Inu gain 6% daily (weekend watch)

Bitcoin’s positive price action on Friday evening continued over the past 12 hours or so, with the asset touching $65,000 for the first time since August 3rd.

Several altcoins have also produced impressive gains in the same time period, with SATS up 25%, followed by FET (19%) and SUI (15%).

BTC on the road to $65,000

The end of this working week was very different from the previous one, when BTC fell to $56,000 on Thursday, but managed to regain some ground on Friday and over the weekend. However, Monday began with another pullback as the asset fell from $60,000 to $58,000.

The bulls managed to step in and prevent further declines, but the rest of the week, at least until Friday evening, was pretty quiet. That’s when positive news emerged from the US, including Fed Chair Jerome Powell’s promise to start cutting interest rates, and BTC took off.

In a matter of hours, the asset went from just over $60,000 to $64,000. After a small correction, it went back on the offensive and jumped to $65,000 for the first time in over three weeks.

Despite retracing around $800 since then, BTC is still up 5% on the day and sits above $64,000. Its market capitalization has soared to $1.270 trillion, and its dominance over altcoins is up to 53.8%.

Bitcoin/Price/Chart 24.08.2024. Source: TradingView SOL, SHIB Rise

Most altcoins are also in the green today. Ethereum is up more than 3% in the last 24 hours and is above $2,760. Ripple, Toncoin, Dogecoin, Tron, Cardano, Avalanche, Bitcoin Cash and Polkadot also have gains of up to 5%.

Solana and Shiba Inu are the best performers of the higher capitalization alternatives. Both assets are up about 6%, helping SOL to surpass $150, while SHIB is at $0.000015.

Other top 100 gains come from SATS (25%), FET (19%), SUI (15%), WIF (15%), SEI (13%) and PEPE (12%).

The total crypto market cap has added about $100 billion since yesterday, reaching $2.36 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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