Hassan Maishera
TL;DR
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Bitcoin is up by more than 3% in the last 24 hours and hit the $65k mark earlier on Tuesday.
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Tether minted $1 billion worth of USDT tokens as market conditions turned bullish.
BTC Tops $65k as Market Conditions Remain Bullish
The cryptocurrency market is having an excellent start to the week as BTC and altcoins recover from their recent losses. Bitcoin, the leading cryptocurrency by market cap, is up by more than 3% in the last 24 hours.
Thanks to its recent rally, Bitcoin touched the $65k level earlier on Tuesday before slightly retracing to now trade at $64,631 per coin.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,000,845,000 USD) minted at Tether Treasuryhttps://t.co/ME64P6MzrD
— Whale Alert (@whale_alert) July 15, 2024
The positive performance comes as Tether, the company behind the USDT stablecoin minted $1 billion worth of USDT tokens. In the past, Bitcoin’s price has soared whenever Tether mints new USDT tokens as investors take it as a sign of a strong market.
Over the last seven days, BTC’s price has soared by 13%, recovering from the recent bearish trend that saw the leading cryptocurrency drop below $54k.
Altcoins are also rallying as the broader crypto market recorded healthy growth in recent days. Ether, the second-largest cryptocurrency by market, is up by 4% in the last 24 hours and is now trading close to the $3,500 mark. With the possibility of spot Ether ETFs launching next week, ETH’s price could rally higher in the near term.
Dogecoin is the best performer amongst the top 10 cryptocurrencies by market cap, up 6% in the last 24 hours. XRP (+5.6%), Solana (+4.2%), BNB (+4.2%), and ADA (+3%) are all trading in the green.
Thanks to the bullish conditions, the total crypto market cap now stands at $2.37 trillion, up by 3.4% over the last 24 hours.
