The price of Bitcoin surged to $61,500 on August 13 following the movement of $2 billion worth of Bitcoin tied to the long-defunct Mt. Gox exchange.
The rally, which saw the leading cryptocurrency jump nearly 5% in just an hour, sparked renewed optimism in the market.
Bitcoin gave up some of its gains for the day after a slight rejection from the daily peak. However, the flagship cryptocurrency was still up 3.75% over the past 24 hours and was trading at $60,770 at press time, according to data from CryptoSlate.
Mt. Gox Reaction
Blockchain analytics firm Arkham Intelligence reported that more than 33,000 Bitcoins, valued at about $2 billion, were transferred from a wallet associated with Mt. Gox to another address.
The latest on-chain activity sparked immediate reactions in the market. Bitcoin, which was trading around $59,500 earlier today, quickly climbed to $61,500, signaling a positive shift after a recent bout of volatility.
The price remains below its all-time high of nearly $74,000, set in March, but the current rally has helped Bitcoin break out of its recent slide, where it briefly dipped below $50,000 last week.
The ongoing distribution of these recovered funds has already raised concerns about potential selloffs, contributing to downward pressure on the Bitcoin price. However, today’s price rally suggests that the market is reacting favorably to the news, with traders perhaps viewing the movement of funds as a sign that the long-awaited repayments are about to be completed.
Altcoins follow
Major altcoins saw similar gains during the day, with Ethereum (ETH) up 1.7% over the past 24 hours to $2,700 at press time. The coin hit a daily high of $2,728.
Meanwhile, Solana (SOL) hit a daily high of $149.7 before losing some of its gains. The cryptocurrency is up 2.35% over the past 24 hours and was trading at $147 at press time.
BNB is also up about 2.2% in the past 24 hours and was trading at $521.5 at press time, while XRP was up over 3.22% at $0.58.
Toncoin (TON), Dogecoin (DOGE) and Cardano (ADA) saw relatively minor gains for the day, up 0.93%, 1.19% and 1.38% respectively.
Bitcoin Market Data
At the time of going to press 8:21 PM UTC August 13, 2024Bitcoin is ranked #1 in terms of market capitalization and the price is up 2.27% over the past 24 hours. Bitcoin has a market cap of $1.2 trillion with a 24-hour trading volume of $31.16 billion. Learn more about Bitcoin ›
Cryptocurrency Market Summary
At the time of going to press 8:21 PM UTC August 13, 2024The total cryptocurrency market is valued at $2.12 trillion with a 24-hour volume of $69.16 billionBitcoin dominance is currently at 56.23%. Learn more about the cryptocurrency market ›
