Bitcoin maintains its position above the significant threshold of $60,000, marking a resurgence amid recent dips that saw it hit six-week lows. Short-covering activity has been notably active, contributing to this upward trend.
Despite recent corrections, Bitcoin continues to assert its dominance within the cryptocurrency market, attracting investors who are turning away from riskier currencies. Additionally, a slowdown in US 10-year treasury yields has provided further support and bolstered sentiment towards cryptocurrencies.
Today, Bitcoin saw a notable rally of 2.9% on Bitstamp, reaching $63,046 from a session low of $60,830. This recovery comes after a 4% decline on Wednesday, the second drop in three days, when it dipped to $59,672 amidst turbulence in Wall Street markets.
The collective market value of cryptocurrencies surged by $20 billion today, surpassing $2.375 trillion, buoyed by gains in Bitcoin and Ethereum.
Bitcoin’s dominance has strengthened as other AI-linked cryptocurrencies experienced declines in recent weeks. Its market share has risen to 55%, marking an increase of 1.35% last week and 2.5% in March, largely due to an influx of new investments.
Anticipation surrounding Bitcoin’s upcoming halving event has driven Google searches to record highs, surpassing the interest levels seen during the 2020 halving.
Meanwhile, US 10-year treasury yields have receded from their recent five-month highs, falling to 4.696%. This decline has provided support for non-yielding assets like Bitcoin.
As the market awaits further guidance on US interest rates, Crypto.com‘s CEO anticipates a wave of selling leading up to the halving event. However, in the long run, this event is expected to have a positive impact and add value to the cryptocurrency market.
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