- 30/08/2023 00:55:09 GMT
- In the last 24 hours, the price of Bitcoin experienced a significant surge, which can be attributed to a favorable court decision in Grayscale’s case against the SEC.
- Leading the revival of the cryptocurrency market are Bitcoin’s hard forks, including its counterparts like Bitcoin Cash and Bitcoin SV.
- While there’s been a notable improvement, the cryptocurrency market is currently marked by a prevailing sentiment of unease, often referred to as “Fear.” A shift from this sentiment would likely require the continued sustenance of these upward rallies.
In the last 24 hours, the price of Bitcoin surged dramatically, creating a ripple effect of bullish sentiment throughout the market. While it was anticipated that altcoins would track the trajectory set by BTC, a few specific tokens uniquely leveraged the bullish trend by sharing a common trait – the inclusion of “Bitcoin” in their names.
Bitcoin price rise brings relief to namesake tokens:
As of the current moment, the price of Bitcoin was comfortably trading above $27,700, reflecting a notable increase of over 6% on August 29th. This upward movement was attributed to Grayscale’s legal triumph against the US Securities and Exchange Commission (SEC), which acted as the driving force behind this impressive rally. The collective market capitalization of the cryptocurrency market experienced a significant boost of nearly $50 billion. Intriguingly, among the most prominent beneficiaries of this surge were those assets that strategically capitalized on the popularity of Bitcoin.
Stepping into the spotlight were Bitcoin hardforks and tokens that share a namesake with Bitcoin itself, namely Bitcoin Cash (BCH) and Bitcoin SV (BSV). Among the standout performers of the day, BCH showcased an impressive surge of 18.22% within a 24-hour timeframe. This substantial gain propelled the asset’s price from $190 to $225. While Bitcoin SV (BSV) didn’t experience an identical surge, it still marked a noteworthy rally of 8.36%, with its trading value at the time of writing resting at $33.5.
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