Bitcoin Taps 7-Week Peak Close to $70K, Bitcoin Cash Skyrockets 14% Daily (Market Watch)

Bitcoin had another positive weekend in which its price recovered from a slump toward $67,000 and spiked to almost $70,000 on Monday morning for the first time in nearly seven weeks.

The altcoins are also well in the green, with ETH erasing almost all losses after the ETF launch, while BCH has soared to $450.

BTC Aims at $70K

The previous business week didnt go all that well for bitcoin as the asset slumped from about $68,000 to under $63,500 by Thursday. That became a weekly low, but the bulls were quick to intercept the move and prevent further losses.

Just the opposite, the cryptocurrency started to regain traction almost immediately and jumped by several grand within the next day. The weekend was also expected to be volatile due to the Nashville 2024 Bitcoin Conference and Donald Trumps speech there.

Once he made some big promises, including the potential firing of Gary Gensler, BTC indeed went on a rollercoaster from $68,000 to $69,000 and back down to $67,000 within minutes.

However, Mondays start has been a lot more promising as bitcoin jumped to $69,800 earlier today, marking its highest price tag since June 12. Despite failing to overcome that level yet, BTC is still 3% up on the day, its market cap has risen to $1.370 trillion, and its dominance over the alts has tapped 53%.

BCH on a Roll

The entire altcoins space has turned red on a daily scale. ETH has gained over 4% of value and now sits close to $3,400. BNB has neared $600 after increasing by 3%. SOL, DOGE, TON, ADA, AVAX, and LINK have all charted similar gains.

Bitcoin Cash stands with the most substantial daily increase from the larger-cap alts. BCH is up by over 14% and trades above $450 for the first time in months. LTC, PEPE, INJ, and MKR have all gained 5% overnight.

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