Bitcoin Surges Past $80,000 as Leverage Remains Low

Bitcoin surged past $80,000 on Thursday, rising 4.8% from its previous close to reach $80,984.62. This marks a significant advance in the cryptocurrency's price, but what's notable is that leverage remains muted compared to past rallies.

The strong buying drove a rapid morning recovery, with Bitcoin trading close to $77,934 as of 08:00 EDT and climbing by about $3,050 during the subsequent five hours. The token also climbed to $81,351.02, having previously hit a low of $76,993.97.

According to Joel Kruger, LMAX Group strategist, 'dips continue to attract demand,' citing Bitcoin's resilience in the challenging global environment. Meanwhile, XRP, ether, and solana also saw significant gains, with XRP climbing 8.1%.