Bitcoin surged to $61,500 on August 13 after $2 billion in Bitcoin linked to the defunct Mt. Gox exchange was moved.
The sudden spike of nearly 5% in just one hour has sparked optimism in the market.
Although Bitcoin retraced some of its gains after hitting the daily peak, it was still up 3.75% in the past 24 hours, trading at $60,770 at the time of writing, according to CryptoSlate data.
Mt. Gox Activity
Arkham Intelligence, a blockchain analytics firm, reported that over 33,000 Bitcoin worth approximately $2 billion was transferred from a Mt. Gox-associated wallet to another address.
This on-chain movement triggered a positive reaction in the market, pushing Bitcoin from around $59,500 to $61,500.
While Bitcoin has not yet reached its all-time high of nearly $74,000 set in March, the recent rally has lifted it from a recent dip below $50,000 last week.
The ongoing distribution of these recovered funds had raised concerns about potential sell-offs, but today’s price increase suggests that traders are reacting positively to the news, possibly indicating that long-awaited repayments are nearing completion.
Altcoins Performance
Other top altcoins also saw gains, with Ethereum (ETH) up 1.7% to $2,700, Solana (SOL) up 2.35% to $147, BNB up 2.2% to $521.5, and XRP up 3.22% to $0.58.
Meanwhile, Toncoin (TON), Dogecoin (DOGE), and Cardano (ADA) recorded smaller gains for the day.
Bitcoin Market Data
As of 8:21 pm UTC on August 13, 2024, Bitcoin is the top-ranked cryptocurrency by market cap, with a price increase of 2.27% in the past 24 hours. Bitcoin’s market cap is $1.2 trillion with a 24-hour trading volume of $31.16 billion.
Crypto Market Summary
At the same time, the total crypto market cap is $2.12 trillion with a 24-hour volume of $69.16 billion, and Bitcoin dominance stands at 56.23%.
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