Bitcoin (BTC) Sees Abnormal Volatility, Soars to Nearly $63K

Bitcoin Surges to New Highs Amidst Market Optimism

The leading cryptocurrency, Bitcoin, recently reached an intraday peak of $62,782, triggering volatility alerts in the market.

Factors Contributing to the Price Jump

This significant price increase can be attributed to several factors:

• The end of Bitcoin sales by Saxony, a major market participant.
• Encouraging U.S. inflation data, dampening bearish sentiments.
• Speculation of potential Bitcoin legalization in China, although veracity is uncertain.

Altcoins Follow the Trend

Major altcoins have also followed Bitcoin's lead, showing positive returns:

• Ethereum (ETH): Up 4.6% to $3,336.
• BNB: Up 2.7%.
• Solana (SOL): Up 4.5%.
• XRP: Modest gains.
• Cardano (ADA): Up a mere 0.8%.
• Tron (TRX): Down 0.2%.

Meme Coins Trail Behind

In contrast to altcoins, meme cryptocurrencies have underperformed in the rally:

• Dogecoin (DOGE): Down 0.2%.
• Shiba Inu (SHIB): Down 0.6%.
• Pepe (PEPE): One of the worst performers, down 1.5%.