Bitcoin soared above $63,000 on Saturday morning in the U.S., up 1.4% in 24 hours and 3.6% for the week, its highest level in two weeks and a complete reversal of losses that ended June, according to data from CoinDesk.
$XRP It led the major stocks on the day, rising 5.3% to $1.18, up nearly 10% for the week, and overtaking the USDC stablecoin to take fifth place with a market capitalization of approximately $73 billion.
This benefit came with on-chain data showing: $XRP Holders have the deepest average losses in history. This is a type of washed out position that some traders buy on the contrary. Ether rose 3.2% on the day to around $1,793, up 11.5% in seven days, while Dogecoin rose 2.6% and Solana remained near $82.50, up 13.2% for the week.
The rally continued for a week, based on improved macroeconomic conditions. Comments from Federal Reserve Chairman Kevin Warsh that inflation risks have diminished, a weak June jobs report, and a squeeze on bearish traders propelled Bitcoin from below $60,000 to above $63,000 in five sessions.
Trading was thin on Saturday as U.S. markets were closed for the Fourth of July holiday, but liquidity was such that it exaggerated moves in both directions.
Bitcoin entered the third quarter at a 21-month low, but has now regained the ground it lost during the last drop in June. Whether this momentum continues depends on future US inflation trends and whether buying continues after US desks return from vacation.
