Bitcoin (BTC) Surges to $62,782 High, Triggering Volatility Alert from 100eyes Crypto Scanner

Bitcoin, the top cryptocurrency, recently surged to a high of $62,782 in one day. This big price jump triggered a volatility alert from the 100eyes Crypto Scanner.

Bitcoin price hit a high of $62,782 on July 12, triggering a volatility alert from the 100eyes Crypto Scanner. The cryptocurrency reached its highest level since July 2, when it dropped to $53,550 — its lowest in five months — due to bearish factors such as the anticipated Mt. Gox repayments and a selling spree by Saxony.

However, with Saxony having now sold all of its Bitcoins, the crypto market is showing signs of optimism. The cooler-than-expected U.S. inflation data is also likely contributing to this rapidly improving sentiment.

Moreover, the cryptocurrency community is speculating about whether China has actually moved to unban Bitcoin. According to Galaxy Digital CEO Mike Novogratz, this could potentially be “a huge deal.” However, he has also expressed skepticism about the veracity of such rumors.

Altcoins Rally Alongside Bitcoin Surge

In tandem with Bitcoin, major alternative cryptocurrencies have also rallied. Ethereum (ETH) rose by as much as 4.6%, reaching an intraday high of $3,336.

BNB and Solana (SOL) are also on the rise, up 2.7% and 4.5%, respectively. However, Ripple-affiliated XRP and Cardano (ADA) are lagging behind the rest of the major altcoins with relatively modest gains. Cardano is up by just 0.8%. Meanwhile, Tron (TRX) declined slightly, down 0.2%.

Meme Cryptocurrencies Struggle Amid Bitcoin Rally

Interestingly, meme cryptocurrencies are emerging as the biggest laggards among major cryptocurrencies.

Despite Bitcoin’s recent rally, Dogecoin (DOGE) is down 0.2%. Shiba Inu (SHIB) has also declined by 0.6%. Meanwhile, Pepe (PEPE) dropped by as much as 1.5%, making it one of the worst-performing tokens within the CoinGecko top 100.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.