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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Several 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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.