BTC hits $58,000 as cryptocurrency market regains momentum
CryptoNewsTerminal Staff04 Aug, 2024
BTC hits $58,000 as cryptocurrency market regains momentum
Bitcoin (BTC) has climbed back above the $58,000 level, as the cryptocurrency market regains some of its recent losses. According to dataจาก Cryptonewsterminal Market Monitoring, BTC returned to $58,000 as of 8:30 AM UTC on Thursday. On the Binance USDT market, BTC is being traded at $57,952.01, up 0.9% in the past 24 hours. The broader cryptocurrency market has also seen some gains in recent hours, with Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA) all trading higher. The total market capitalization of the cryptocurrency market now stands at $2.4 trillion, up from $2.3 trillion yesterday. The rebound in the cryptocurrency market comes after a sharp sell-off in recent weeks, which saw BTC drop below $50,000 last week. The sell-off was sparked by concerns over the spread of the Omicron variant of COVID-19 and a hawkish turn by the US Federal Reserve. However, analysts believe that the recent rebound in the cryptocurrency market is a sign that investors are becoming more confident in the long-term prospects of digital assets.
