Bitcoin Holds Above $60,000, Giving a Boost to Other Cryptocurrencies

On Friday, Bitcoin (BTC) continued its upward momentum from Thursday, holding above the $60,000 mark.

This rise marks a significant recovery for Bitcoin , which recently plunged to below $50,000 due to broader volatility in global markets.

Following Thursday’s steady rise, Bitcoin rose over 7%, briefly approaching $62,000 early on Friday before settling at $60,800 at the time of writing.

Some altcoins also made gains, reaching new weekly highs. Ethereum led the way with just over a 10% increase in the last 24 hours, while BNB , Shiba Inu and Bitcoin Cash registered gains of 4.5%, 6% and 7.5% respectively.

Several factors may have contributed to this market rebound, including the inflow of just over $194 million into the spot Bitcoin ETF on August 8.

The influx of new investors and capital likely played a role in boosting the price of Bitcoin, which in turn helped the gains of other cryptocurrencies.