On the night of Saturday, October 12, the price of the first cryptocurrency briefly surged above $63,000, marking a significant level for the market.
At the time of writing, Bitcoin has corrected to $62,700, representing a 3.5% increase over the last 24 hours, according to data from CoinGecko.
Most of the top-10 cryptocurrencies by market capitalization also saw gains following Bitcoin. The largest daily gains were recorded by Dogecoin (+3.3%) and Solana (+3.1%).
The total market capitalization of digital assets currently stands at $2.3 trillion, with Bitcoin’s dominance at 58%.
According to data from Coinglass, the total liquidations over the past 24 hours amounted to $119.5 million, with nearly $95 million attributed to short positions.
The Fear and Greed Index has reached 49, indicating neutral sentiment in the market.
Earlier, on Thursday, October 10, Bitcoin dipped below $61,000 following the release of U.S. inflation data. However, by the next day, the cryptocurrency briefly fell below $60,000 before recovering its positions.
Experts believe that Bitcoin could reach $80,000 by the end of the year, provided certain conditions are met, such as Donald Trump’s victory in the U.S. elections, a 50 basis points rate cut by the Federal Reserve, and an economic rebound in China.
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