Bitcoin Today 10/16/2024: Bitcoin reaches US$68,000 on a volatile day and Dogecoin jumps 10%

by Stephen Douglas
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Bitcoin Today //: Bitcoin reaches US$, on a volatile day
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Bitcoin Today 10/16/2024: Bitcoin reaches US$68,000 on a volatile day and Dogecoin jumps 10%
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In the last 24 hours, the cryptocurrency market has recorded great volatility, but with positive performances. The price of Bitcoin, for example, jumped 4.0% in the period and surpassed the important mark of US$68,000, quoted at US$68,116 at the time of writing, according to data from CoinGecko. When quoted in reais, each BTC costs R$385,007. This is the highest price since July this year.

Bitcoin had an intense movement starting yesterday, when its price approached US$68,000. However, the asset lost around US$3,000 in a few minutes, before stabilizing in the US$67,000 range and jumping again to US$68,000 this Wednesday morning (16).

Bitcoin’s recent appreciation is being attributed to increased demand for spot Bitcoin ETFs, which has seen the cryptocurrency’s market value rise to approximately $1.33 trillion. Bitcoin’s dominance over altcoins also increased, reaching 55% of the market, according to data from CoinGecko.

The rise of Bitcoin, as usual, boosted the price of other cryptocurrencies, the so-called altcoins. In the altcoins scenario, most assets with large market caps showed less significant movements in the last 24 hours, but equally positive.

Bitcoin rises and ‘pulls’ other cryptocurrencies

Ethereum (ETH), Binance Coin (BNB) and Solana (SOL), for example, appreciated between 1.0% and 2.2%. Meanwhile, XRP and Tron (TRX) both saw gains of less than 1.0%.

The biggest highlights of the day are Dogecoin (DOGE) and Litecoin (LTC), which appreciated by 10% and 7.0%, respectively. DOGE, in fact, is the biggest winner of the day, in terms of appreciation, considering the 100 largest cryptocurrencies.

The rise in Litecoin is possibly related to the request for a Litecoin ETF by investment manager Canary Capital, as reported by Todaysgist yesterday. With the new momentum, Dogecoin now costs $0.125, while Litecoin has surpassed $71.

On the other hand, Cardano (ADA) and Avalanche (AVAX) and Chainlink (LINK) fell by up to 3.5% in the last 24 hours.

These movements contributed to an increase in the total market value of cryptocurrencies, which grew by around US$30 billion since the previous day. The total value of the crypto market now exceeds $2.4 trillion, according to data from CoinGecko, with a daily appreciation of 0.3%.

Bitcoin Today 10/16/2024: Bitcoin reaches US$68,000 on a volatile day and Dogecoin jumps 10%

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Bitcoin Today 10/16/2024: Bitcoin reaches US$68,000 on a volatile day and Dogecoin jumps 10%

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