Bitcoin Reclaims $60K Amid Wider Crypto Market Recovery

• Bitcoin has made its way past the $60,000 level.
• The development comes after the crypto asset’s steep plunge last weekend.
• Smaller cryptos rallied in tandem with BTC.

On Friday, Bitcoin (BTC) added to its Thursday gains, the largest single-day jump in 16 months, to cross the $60,000 mark for the first time since last weekend’s bloodbath.

The development marks a notable shift for the original cryptocurrency, which had tumbled to its lowest level since February only a few days ago amid a wider global market turmoil. BTC bottomed at $49,781 on August 5 as the wider crypto market cap plunged from $2.16 trillion to $1.76 trillion within a few hours.

Bitcoin Regains Momentum Alongside Smaller Cryptos

Following Thursday’s steady rally, Bitcoin gained over 7% to flirt briefly with $62,000 early Friday before paring some gains to exchange hands at $61,056 at the time of writing.

CoinMarketCap data shows smaller cryptos rallied with the world’s largest digital asset to claim new weekly highs. Ether gained the most with its 24-hour 10.69% surge, as BNB, Solana, and Dogecoin rallied 4.76%, 2.05%, and 5.05%, respectively.

Various developments in the last day could have contributed to this market recovery, including the massive inflow of $194.6 million into spot Bitcoin ETFs on August 8. The influx of new investors and capital likely boosted Bitcoin’s price, pulling other cryptos up.

At the same time, Russian President Vladimir Putin signed a bill that legalizes crypto mining in the country. The move validated crypto’s legitimacy among governments and likely restored investor confidence in risky assets.

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