Bitcoin Defies Trends with $64K Surge Amid Crypto Slump
Bitcoin's price has surpassed $64,000 on Tuesday, marking a gain of over 1% and setting it apart from other major cryptocurrencies. While most prominent digital assets like XRP, Dogecoin, and Binance Coin have seen minor drops or remain flat, Bitcoin stands out as the only one with solid growth this week.
Ether has also experienced a slight decrease, dipping by half a percent, but still holding onto an almost 1% weekly gain. The contrast between these two leading cryptocurrencies is notable, given their typically strong correlation.
Public Bitcoin miners have taken action in response to declining mining profits and increasing competition from AI. They have cut computing power by 21% over the past nine months, with many shifting resources towards AI projects instead. According to analyst Alex Kuptsikevich of FxPro, Bitcoin needs to break out of its current price range ($62,000 to $65,000) if it wants to overcome the bearish trend.