Thursday, June 6, 2024, the price of Bitcoin experienced a brief increase in value, surpassing the US$71,000 mark, to the delight of investors. However, this rally was short-lived, with the price of the leading cryptocurrency retreating to around $70,800. This came against a backdrop of massive inflows into Bitcoin ETFs, marking a notable week for market bulls.

Bitcoin’s weekend started calmly, with the price stabilizing around $67,500 after a recovery from a recent low of $66,600. Monday, however, brought an air of optimism, with Bitcoin jumping to over $70,000 before facing a small pullback to $68,700. But investors didn’t give up, and a new offensive on Wednesday sent the price to a 15-day high of $71,800, approaching its mid-March all-time high by a margin of less than 3%.

At the time of publication, the price of BTC was quoted at US$71,392.54, up 0.5% in the last 24 hours.

In contrast to Bitcoin’s volatility, meme coins, after substantial gains the previous day, showed a decline. Altcoins such as BNB, SOL, XRP, DOGE, TON, ADA, SHIB, and DOT exhibited minimal losses despite notable increases previously.

LINK and UNI suffered slightly larger drops, of 2% and 4%, respectively. Among meme coins, WIF, FLOKI, and BONK recorded losses of 6%, 5%, and 4.5%, respectively. Pepe Coin, after an increase of almost 5% near US$0.00001520, corrected to US$0.00001450, now trading at US$0.0000146.

The global crypto market capitalization is $2.65 trillion, an increase of 0.34% from the last day.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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