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Tuesday, June 25, 2024

Bitcoin Pushes Past $27K, Render (RNDR) Explodes 20% Daily: Market Watch

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Bitcoin returned above $27,000 after a brief drop below that level yesterday following a minor daily increase.

The altcoins are also relatively quiet today, with Render Token, Synthetix, and Mas Network taking the main stage with double-digit pumps.

BTC Reclaims $27K

Last week was a lot more volatile than this one, at least for one. The most significant price fluctuations came after the US CPI numbers for April came out on Wednesday. BTC first popped up from $27,500 to $28,400 before it slumped back down by almost two grand.

After a minor pump, the asset headed straight south once again, plummeting to a two-month low on Friday at $25,800. The weekend was a lot more positive and less eventful as bitcoin returned to $27,000 and spent most of it there.

The start of this week saw a price jump to $27,600, but that was short-lived, and the cryptocurrency dropped below $26,600 once again. However, the past 24 hours brought an increase of almost $1,000, and BTC now stands close to $27,500. This came after Tether announced a new policy that will allow it to purchase certain amounts of bitcoin.

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As such, its market cap has returned to $530 billion, and its dominance over the alts is at 46.6%.

BTCUSD. Source: TradingView

RNDR Shoots Up

The altcoins are also slightly in the green on a daily scale. ETH has managed to defend the $1,800 level with a minor 1% increase. BNB is above $310, following a similar daily jump.

More gains come from the likes of Cardano, Polygon, Polkadot, and Uniswap from the larger-cap alts – all are up by 3-4% in a day.

The biggest gainers within this timeframe, though, are Render Token, Mask Network, and Synthetix. All three have soared by double-digits, with RNDR taking the main stage with a massive 20% surge.

The total crypto market cap has added around $15 billion in a day and is back above to $1.140 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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