Thursday, 20 June 2024
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Bitcoin Exceeds $66,000, With Core Becoming the Top Gainer

  • After the Bitcoin Halving event, Bitcoin (BTC), has surpassed $66,000.
  • The largest gainer was the CORE token, which saw a surge of more than 13% in just one day.
  • Shiba Inu will soon cross over to its 50-day EMA, which is a critical level between bulls and bears.

After the Bitcoin Halving event, the most valuable and oldest cryptocurrency in the world, Bitcoin (BTC), has surpassed $66,000. Aside from Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), other altcoins also had gains.

The largest gainer was the CORE token, which saw a surge of more than 13% in just one day. Nervous Network (CKB) had a loss of more than 5% in a single day, making it the greatest loser.

Bitcoin

As of this writing, the value of the entire cryptocurrency market was $2.43 trillion, an increase of 1.64 percent in a day. Core (CORE), AIOZ Network (AIOZ), Pepe (PEPE), Neo (NEO), and NEAR Protocol (NEAR) are the top five cryptocurrency gainers during the last 24 hours.

According to Edul Patel, co-founder of Mudrex, Bitcoin has risen above $64,000 after the fourth halving event, proving its durability even after a temporary decline to $59,000. This comeback highlights strong buying enthusiasm at cheaper prices, as evidenced by the impressive 137% increase in the last year.

There is currently no dominant bullish or bearish emotion, indicating that there may be short-term sideways movement between $62,000 and $66,000. Ethereum‘s performance is similar to that of Bitcoin; Glassnode data shows that addresses holding 1,000–10,000 ETH saw an increase in Ether supply over the previous two weeks.

With the total market capitalization of cryptocurrencies just around $2.5 trillion, Parth Chaturvedi, Lead for Investments at CoinSwitch Ventures, stated that the market has experienced a slight decline over the past day. The market value realized value (MVRV) ratio of BTC (-0.8%) appears to have dropped below its 90-day average, suggesting that investors in cryptocurrencies may soon have an opportunity to purchase. In actuality, on Friday, Bitcoin whales amassed about $1.2 billion in cryptocurrency.

Vice President of WazirX Rajagopal Menon stated that Bitcoin is currently trading at $65,052, down 0.62% over the last 24 hours following a 1.50% increase on Sunday. If it continues on its current path, it may encounter resistance at $66000.

Shiba Inu will soon cross over to its 50-day EMA, which is a critical level between bulls and bears. Solana is also trading close to its $150 zone, where it needs to build momentum to climb higher.

According to Unocoin’s CEO and co-founder Sathvik Vishwanath, the surge in Bitcoin’s price to $65,225 is indicative of growing investor confidence, driven by well-known investments like Grayscale’s and Michael Saylor’s Bitcoin Mini Trust. However, privacy concerns are raised by the IRS’s planned Form 1099-DA. Technical analysis indicates $63,045 as support and $66,910 as resistance.

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