Bitcoin’s price rose to $61,500 on August 13, following the $2 billion move in Bitcoin tied to the long-defunct Mount Gox exchange.
The rally, which saw the leading cryptocurrency rise nearly 5% in just one hour, has sparked renewed optimism in the market.
Bitcoin gave up some of the day’s gains after a small rejection from the daily peak. However, the flagship crypto was still up 3.75% over the past 24 hours and was trading at $60,770 at the time of writing, based on data from CryptoSlate.
Response from Mount Gox
Blockchain analytics firm Arkham Intelligence reported that more than 33,000 Bitcoin, worth about $2 billion, was transferred from a wallet linked to Mount Gox to another address.
The latest on-chain activities sparked immediate reactions in the market. Bitcoin, which was trading around $59,500 earlier in the day, quickly climbed to $61,500, signaling a positive shift after a recent period of volatility.
The price remains below the all-time high of nearly $74,000 recorded in March, but the current rally has lifted Bitcoin out of its recent slump, where it briefly fell below $50,000 last week.
The continued distribution of these recovered funds has previously raised concerns about potential sell-offs, contributing to downward pressure on Bitcoin’s price. However, today’s price rise suggests the market is reacting favorably to the news, with traders perhaps seeing the funds’ move as a sign that the long-awaited redemptions are nearing completion.
Altcoins follow
The top altcoins posted similar gains for the day, with Ethereum (ETH) up 1.7% over the past 24 hours to $2,700 at the time of writing. The coin reached a daily high of $2,728.
Meanwhile, Solana (SOL) hit a daily high of $149.7 before giving up some of its gains. The coin is up 2.35% in the last 24 hours and was trading at $147 at the time of writing.
BNB also rose about 2.2% over the past 24 hours, trading at $521.5 at the time of writing, while XRP rose over 3.22% to $0.58.
Toncoin (TON), Dogecoin (DOGE) and Cardano (ADA) posted relatively small gains for the day – 0.93%, 1.19% and 1.38% respectively.
Bitcoin Market Data
At the time of printing 20:21 UTC on August 13, 2024Bitcoin is number 1 in terms of market capitalization and so is its price upwards 2.27% in the last 24 hours. Bitcoin has a market capitalization of $1.2 trillion with a 24-hour trading volume of $31.16 billion. Learn more about Bitcoin ›
Summary of the crypto market
At the time of printing 20:21 UTC on August 13, 2024the total crypto market is valued at € $2.12 trillion with a 24 hour volume of $69.16 billion. Bitcoin’s dominance currently stands at 56.23%. Learn more about the crypto market ›