Bitcoin soars to $66,000 level, market cap hits $1.309 trillion; where are prices headed?
SEBI recommends regulators to oversee crypto trade, RBI still sees ‘macro risk’ Bitcoin is poised for a robust week amid rising hopes for US Fed rate cuts. After today's increase, Bitcoin has achieved significant gains over the past seven days, rebounding from a low of $60,000 last week. The cryptocurrency is up approximately 8% from last Friday's lows, primarily driven by a weaker dollar and indications of easing U.S.
inflation. “Bitcoin soared past the $65,000 mark, showing a remarkable 7% gain within 24 hours. In earlier times, such a jump would have attracted many newcomers to Web3.
However, today's landscape suggests newcomers seek more than just price fluctuations. Perhaps it's time for the ecosystem to prioritise user-friendly applications. While prices may draw in investors, tangible use cases appeal to the broader audience," said Nischal Shetty, Co-founder of Shardeum.
Bitcoin's market cap soared to $1.309 trillion, and its market dominance now stands at 54.69%, as reported by CoinMarketCap. During this period, BTC's trading volume decreased by 27.4%, totalling $30.9 billion. “Bitcoin is in the middle of the bull cycle.
Its market cap is growing faster than its realised cap, a trend that typically lasts around two years. If this pattern continues, the bull cycle might end by April 2025. Another reason for the boost could be the ETF inflows in May that have already offset April’s outflows," said Avinash Shekhar, co-founder and CEO of Pi42.
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