Bitcoin (BTC) Skyrockets to 8-Month High Above $84K as Altcoins Mark Big Gains: Market Watch

The other big gainers today include XMR, VVV, NEAR, SEI, SUI, RENDER, and more.

Despite last week’s developments and the escalating tension in the Middle East, as well as on the Russia-Ukraine front, bitcoin’s price rebounded from the dip to $80,000 and surged past $84,000 earlier today for the first time since the end of January.

The altcoins are in the green as well, with ETH touching $2,700 earlier today and XRP bouncing to $1.45. XMR, NEAR, and AVAX have posted the most gains among the larger caps.

BTC Sees New 8-Month High

The previous week didn’t go well for the primary cryptocurrency, at least on a macro level. On Tuesday, the US Senate voted against advancing the key CLARITY Act. A day later, the US Federal Reserve hiked interest rates for the first time since July 2023.

BTC reacted to both developments with expected volatility, dipping to a multi-week low of $75,000. However, it rebounded swiftly by Friday when it surged past $80,000. It kept climbing on Saturday and neared $82,000. However, it was halted there as the tension in the Middle East escalated while Ukraine and Russia carried out more violent attacks against each other.