There was a declining atmosphere in the cryptocurrency market for the last few days, but today there has been a boom in the global crypto market. At the time of writing, the global crypto market cap has increased by 3.72% to $3.44 trillion. The main reason for this rise is the bounce back of Bitcoin (BTC), which created a positive environment in the crypto market. Bitcoin The price of Bitcoin rose by 4% today, leading not only BTC but also other major cryptocurrencies like Ethereum, Solana, and XRP to rise.
Bitcoin’s bounce back and its impact
Bitcoin, which is the most prominent and valuable token in the crypto market, was facing a decline for the last few days. Due to the continuous fall in the price of Bitcoin, there was a recession in the entire crypto market. But today Bitcoin made a comeback and its price increased by 4% and at the time of writing it was trading at $98,004.77.
This bounce back of Bitcoin has proved to be a positive sign for the crypto market. As soon as the price of Bitcoin rose, there was a bullish atmosphere in the entire market. This gain was also seen in major cryptocurrencies like Ethereum, Solana and XRP. The price of Ethereum rose by more than 2%, taking it above $3,488.24. Solana and XRP also saw slight growth, which further strengthens this bullish trend.
Memecoin also gained momentum
Bitcoin’s bounce back also affected Memecoin. Dogecoin, Shiba Inu And popular memecoins like PEPE saw their price increase by more than 3%. This makes it clear that the positive movement of Bitcoin in the crypto market also affected the prices of other tokens. Mimecoin investors are also benefiting from this boom, which is injecting a new enthusiasm into the market.
Conclusion
The main reason for the rise in the cryptocurrency market today was the bounceback of Bitcoin, which took not only itself but the entire market to new heights. The 4% increase in BTC Worth gave a positive direction to the entire crypto ecosystem, which also led to the rise of other cryptocurrencies like Ethereum, Solana, XRP, and Memecoin. Although Bitcoin is still well below its all-time high of $108,268.45, experts believe that there may be a big jump in the price of BTC in the coming days, due to which it may break its old record.