Bitcoin Hits 7-Week High Near $70,000, Bitcoin Cash Soars 14% Daily (Market Watch)

Bitcoin had another positive weekend as its price rebounded from a dip near $67,000 and rose to nearly $70,000 on Monday morning for the first time in nearly seven weeks.

Altcoins are also in the green, with ETH erasing almost all losses following the ETF launch, while BCH has soared to $450.

BTC is targeting $70,000

The previous business week did not go so well for bitcoin, as the asset fell from around $68,000 to less than $63,500 on Thursday. This became a weekly low, but the bulls were quick to intercept the move and avoid further losses.

Just the opposite, the cryptocurrency began to regain traction almost immediately and jumped several thousand the next day. The weekend was also expected to be volatile due to the Nashville 2024 Bitcoin Conference and Donald Trump’s speech there.

After making some big promises, including the potential firing of Gary Gensler, BTC went from $68,000 to $69,000 and back to $67,000 within minutes.

However, Monday’s start has been much more promising, with bitcoin jumping to $69,800 earlier today, marking its highest price since June 12. Despite not having broken this level yet, BTC is still up 3% on the day, its market cap has increased. to 1.370 trillion dollars, and its dominance over the highs has reached 53%.

Bitcoin/Price/Chart 07/29/2024. Source: TradingView BCH on a Roll

The entire altcoin space has turned red on a daily basis. ETH has gained over 4% in value and is now near $3,400. BNB has approached $600 after rising 3%. SOL, DOGE, TON, ADA, AVAX and LINK have posted similar gains.

Bitcoin Cash has the largest daily increase of the largest cap highs. BCH is up over 14% and is trading above $450 for the first time in months. LTC, PEPE, INJ and MKR have gained 5% overnight.

The cumulative market cap of all crypto assets has increased by $70 billion since yesterday and is now close to $2.6 trillion on CG.

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).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. We recommend that you do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.

TradingView Cryptocurrency Charts.