Major cryptocurrencies have risen, indicating a slight recovery in investor sentiment. Analysts attribute this trend to continued risk appetite and a recent influx of buying interest in assets that had seen significant price corrections.
According to CoinMarketCap, as of 8 a.m. on August 5, Bitcoin was trading at $64,213, up 0.93% from the previous day.
Ethereum's price increased by 0.73% to $1,874. Binance Coin (BNB) and Solana also saw gains of 0.71% and 0.83%, respectively, trading at $593 and $74. Ripple (XRP) recorded a slight increase of 0.07%, reaching $1.07.
Market analysts suggest that the recent price corrections have led to a wave of bargain hunting, coupled with sustained investor interest in risk assets, contributing to the overall rise in major cryptocurrencies. Bitcoin's rebound from a short-term support level has sparked buying interest in Ethereum and other major altcoins, improving the overall market sentiment.
As of 8 a.m. on the same day, Bitcoin was trading at approximately 91,286,000 won ($64,259) on the domestic exchange Bithumb, reflecting a 0.19% increase from the previous day. The 'Kimchi Premium' stood at -0.653%, indicating that the price of Bitcoin in South Korea is lower than that in international markets.
* This article has been translated by AI.
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