Bitcoin Surges Nearly 5% to $61.5k Amid Positive Market Response to Mt. Gox Distributions
Bitcoin’s price surged to $61,500 on August 13th following the movement of $2 billion in Bitcoin linked to the now-defunct Mt. Gox exchange. This rally, which witnessed the leading cryptocurrency’s value spike by almost 5% within an hour, has reignited optimism within the market.
Despite a slight pullback from the daily peak, Bitcoin maintained a 3.75% increase over the past 24 hours, trading at $60,770 at the time of reporting, according to data from CryptoSlate.
In response to recent on-chain activity, blockchain analytics firm Arkham Intelligence revealed that over 33,000 Bitcoin, valued at approximately $2 billion, was transferred from a wallet associated with Mt. Gox to another address. This transfer triggered immediate market reactions, propelling Bitcoin from around $59,500 to $61,500 swiftly, indicating a positive shift after a period of volatility.
Although Bitcoin’s price is still below its all-time high of nearly $74,000 set in March, the current upward trend has lifted Bitcoin out of its recent slump, where it briefly fell below $50,000 last week.
The ongoing distribution of these recovered funds has previously raised concerns about potential sell-offs, contributing to downward pressure on Bitcoin’s price. However, the recent price surge suggests that the market is responding positively to the news, with traders potentially interpreting the fund movements as a signal that the long-awaited repayments are nearing completion.
In tandem with Bitcoin’s rally, other major altcoins also experienced gains. Ethereum (ETH) rose by 1.7% over the last 24 hours to $2,700, hitting a daily high of $2,728. Solana (SOL) reached a daily peak of $149.7 before retracing some gains, trading at $147, reflecting a 2.35% increase over the past 24 hours. BNB saw a rise of approximately 2.2% to $521.5, while XRP surged over 3.22% to $0.58. Toncoin (TON), Dogecoin (DOGE), and Cardano (ADA) recorded more modest gains for the day, increasing by 0.93%, 1.19%, and 1.38%, respectively.
At the time of reporting on August 13th, 2024, Bitcoin held the top position by market capitalization, with a 24-hour trading volume of $31.16 billion and a market cap of $1.2 trillion. The total crypto market was valued at $2.12 trillion, with Bitcoin dominance standing at 56.23%.
