On Thursday, Bitcoin (BTC) surged to an impressive peak of $62,729, marking a remarkable increase of over 26% from its August 5 low of $49,577, recorded just three days prior. The wider cryptocurrency market, which includes more than 10,000 digital currencies, experienced an 11.29% uptick in the last 24 hours, with many cryptocurrencies achieving double-digit gains.
**Bitcoin Reaches $62,729 Intraday High as Various Crypto Assets Experience Double-Digit Gains**
The crypto market is rebounding strongly after a steep drop over the weekend and a challenging start to the week on Monday. On that day, BTC fell to its lowest level since February 2024, plummeting to $49,577 per coin. Just three days later, it rebounded by 26%, reaching an intraday peak of $62,729. By 8 p.m. EDT on August 8, BTC was trading at $61,611 per coin, reflecting an 11.2% increase against the U.S. dollar over the past day.
Ethereum (ETH) also had a notable performance, rising by 13.5% in the same 24-hour window. ETH reached $2,723 before settling at $2,668 per coin by 8 p.m. BNB saw a more modest gain of 7.99%, while toncoin (TON) surged by 13.6%. Solana (SOL) advanced by 11.2%, and dogecoin (DOGE) enjoyed an 11% increase as well. During the day’s trading, the U.S. spot bitcoin exchange-traded fund (ETF) GBTC recorded a significant reduction of $182.94 million, according to data from sosovalue.xyz.
In contrast, Wisdomtree’s BTCW, which has attracted significantly less cumulative net inflow compared to its competitors, managed to draw in $118.52 million. On the Ethereum front, Grayscale’s Ethereum Trust (ETHE) experienced outflows amounting to $19.83 million on Thursday. However, the Grayscale Mini Ethereum Trust (ETH) saw an influx of $5.02 million. Data from other funds on Thursday remains incomplete, leaving the overall net inflow or outflow for the entire sector uncertain.
What are your thoughts on Bitcoin’s price movements on Thursday? We invite you to share your insights and opinions in the comments section below.
Bitcoin.com News is on the lookout for a News Writer to create daily content focused on cryptocurrency, blockchain, and the digital currency ecosystem. If you’re interested in becoming a vital part of our pioneering global team, apply here.
