Bitcoin Breaks Past the $60K Threshold, Jumps 26% in 3 Days
On Thursday, bitcoin (BTC) leaped to a high of $62,729, representing a more than 26% jump from its Aug. 5 low of $49,577, recorded just three days earlier. The broader cryptocurrency market, which encompasses over 10,000 digital currencies, saw an 11.29% rise over the past 24 hours, with many assets enjoying double-digit gains.
Bitcoin Hits $62,729 Intraday High as Dozens of Crypto Assets See Double-Digit Gains
The crypto economy is making a robust recovery following a steep decline over the weekend and a rough start to the week on Monday. On that day, BTC dipped to a level not seen since February 2024, touching $49,577 per coin. Three days later, it rallied by 26% to reach an intraday high of $62,729, and by 8 p.m. EDT on Aug. 8, BTC was trading at $61,611 per coin. In the past day, BTC has climbed 11.2% against the U.S. dollar.
Ethereum (ETH) also had a strong day, climbing 13.5% over the 24-hour period. ETH hit $2,723 before settling at $2,668 per coin by 8 p.m. BNB posted a more modest 7.99% increase, toncoin (TON) surged by 13.6%, solana (SOL) rose 11.2%, and dogecoin (DOGE) enjoyed an 11% boost as well. Amid the day’s trading activity, the U.S. spot bitcoin exchange-traded fund GBTC experienced a significant $182.94 million reduction, according to sosovalue.xyz stats.
Meanwhile, Wisdomtree’s BTCW, a fund that has seen much lower cumulative net inflow compared to its rivals, managed to attract $118.52 million. Over on the ETH side, Grayscale’s Ethereum Trust (ETHE) faced outflows of $19.83 million on Thursday. However, the Grayscale Mini Ethereum Trust (ETH) accumulated $5.02 million. Thursday’s data from other funds remains incomplete, leaving the total net inflow or outflow for the entire group uncertain.
What do you think about bitcoin’s price action on Thursday? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin.com News is seeking a News Writer to produce daily content on cryptocurrency, blockchain, and the digital currency ecosystem. If you are interested in becoming a key member of our innovative global team, apply here .
