Bitcoin Aims for $62K, Polygon Surges by 12% Daily

Bitcoin Eyes $62K?

Following a significant drop yesterday, Bitcoin has rebounded strongly in the past 12 hours, climbing to a weekly peak just shy of $62,000.

Except for TRX and TON, other major altcoins have mirrored this uptrend, showing substantial gains from tokens like LINK, UNI, MATIC, and others.

BTC Nears $62,000

About a week ago, Bitcoin faced a steep decline, dropping from $59,600 to $56,300. However, the bulls intervened, preventing further decline. Instead, BTC reversed its course and hovered around $60,000 over the weekend.

The new business week started with another pullback, pushing Bitcoin down to $58,000. However, this drop was short-lived, as the cryptocurrency surged above $61,000 by Tuesday.

The pattern repeated on Wednesday, with Bitcoin dipping below $59,000 before climbing back up past $60,000 late last night. This surge was driven by rumors that RFK might withdraw from the US election race, which could benefit the pro-crypto candidate, Donald Trump.

BTC reached a peak of $61,800, marking a weekly high before retracing slightly to around $61,000. Bitcoin’s market capitalization now stands at over $1.2 trillion, with its dominance over the altcoin market rising slightly to 53.6% on CoinGecko.

LINK, UNI, MATIC Continue to Rise

Today, most altcoins have turned green. Ethereum (ETH) has approached $2,650 after a modest 2% increase. Similarly, XRP, SOL, AVAX, DOGE, and DOT have recorded comparable gains.

BNB, ADA, SHIB, and BCH have seen more significant increases of around 3-4%. However, the top performers on a daily scale include LINK (10%), UNI (7.5%), and MATIC (11%). Polygon’s native token has surged past $0.5 as a result.

Among the top 100 altcoins, FTM (15%), BTT (14%), BEAM (14%), and RENDER (12%) have shown the most notable price performances.

The total cryptocurrency market capitalization has recovered by over $50 billion since yesterday, now standing at $2.250 trillion.