On Thursday, Bitcoin (BTC) soared to a peak of $62,729, marking an impressive increase of over 26% from its August 5 low of $49,577, which had been recorded just three days prior. The broader cryptocurrency market, encompassing more than 10,000 digital assets, experienced an 11.29% surge in the last 24 hours, with numerous cryptocurrencies achieving double-digit increases.
Bitcoin Reaches $62,729 Intraday High as Many Crypto Assets Enjoy Significant Gains
The cryptocurrency landscape is witnessing a vigorous rebound following a sharp drop over the weekend and a challenging start to the week on Monday. On that day, BTC fell to a level not observed since February 2024, reaching $49,577 per coin. However, just three days later, it rebounded by 26%, hitting an intraday high of $62,729. By 8 p.m. EDT on August 8, BTC was trading at $61,611 per coin, having risen 11.2% against the U.S. dollar over the past 24 hours.
Ethereum (ETH) also had a noteworthy day, increasing by 13.5% within the same 24-hour timeframe. ETH peaked at $2,723 before settling at $2,668 per coin by 8 p.m. BNB saw a more modest rise of 7.99%, while toncoin (TON) surged by 13.6%. Solana (SOL) experienced an 11.2% increase, and dogecoin (DOGE) enjoyed an 11% uplift as well. During the day's trading, the U.S. spot Bitcoin exchange-traded fund GBTC noted a considerable reduction of $182.94 million, according to statistics from sosovalue.xyz.
In contrast, Wisdomtree’s BTCW, a fund that has attracted significantly lower cumulative net inflows compared to its competitors, successfully pulled in $118.52 million. On the Ethereum front, Grayscale’s Ethereum Trust (ETHE) experienced outflows totaling $19.83 million on Thursday, while the Grayscale Mini Ethereum Trust (ETH) managed to gain $5.02 million. Data from other funds on Thursday remains incomplete, leaving the total net inflow or outflow for the entire group uncertain.
What are your thoughts on Bitcoin’s price movements on Thursday? Feel free to share your insights and opinions in the comments section below.
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