In the early hours of Saturday, May 4, the price of the leading cryptocurrency recovered to $63,000 following a correction to $57,000. Ethereum rose to $3,100.
At the time of writing, Bitcoin is trading at $63,000. Over the past 24 hours, the asset has appreciated by 6.5%, according to CoinGecko.
Following Bitcoin, other digital assets in the top 10 by market capitalization also moved into the “green zone.” Dogecoin (+13.7%) and Toncoin (+7.9%) gained the most over the past day.
The total market capitalization of the cryptocurrency market is $2.45 trillion. Bitcoin’s dominance index is 54.8%.
On May 1, the leading cryptocurrency fell below the psychological threshold of $60,000, subsequently dropping below $57,000. On the same day, amid the Federal Reserve’s decision to maintain its key rate, Bitcoin recovered to $58,000.
On May 3, digital gold solidified its position above the psychological level of $60,000. The catalyst for the rise was a U.S. employment report, which shifted expectations for a Federal Reserve rate cut from November to September.
Earlier, former BitMEX CEO Arthur Hayes predicted Bitcoin would rise to $70,000 by the end of summer. He described the recent 12% pullback as a “necessary market cleansing.”