Bitcoin rose nearly 5% to 61.5k as markets reacted positively to Mt. Gox distribution.

Bitcoin’s price soared to $61,500 on August 13 after $2 billion worth of bitcoin was moved from the shuttered Mt. Gox exchange.

A rally that saw major cryptocurrencies jump nearly 5% in just one hour has once again brought optimism to the market.

Bitcoin gave up some of its gains for the day after dropping slightly from its daily high. However, according to CryptoSlate data, the flagship cryptocurrency is up 3.75% over the past 24 hours and is trading at $60,770 at the time of writing.

Mount Goss Reaction

Blockchain analytics firm Arkham Intelligence reported that more than 33,000 bitcoins, worth about $2 billion, were transferred from wallets associated with Mt. Gox to other addresses.

The recent on-chain activity has sparked an immediate reaction in the markets. Bitcoin, which was trading at $59,500 earlier in the day, quickly rose to $61,500, signaling a positive turnaround after the recent period of volatility.

Although the current price is below its all-time high of $74,000 recorded in March, the current rally has Bitcoin emerging from its recent downturn that briefly saw it drop below $50,000 last week.

The continued distribution of these recovered funds had previously led to concerns about a potential sell-off, contributing to downward pressure on the Bitcoin price. However, today’s price gains suggest that the market is reacting favorably to the news, with traders perhaps viewing the movement of funds as a sign that the long-awaited redemption is nearing completion.

Altcoins follow

Top altcoins also saw similar gains on the day, with Ethereum (ETH) up 1.7% over the past 24 hours to hit $2,700 at the time of writing. The coin hit a daily high of $2,728.

Meanwhile, Solana (SOL) reached a daily high of $149.7 before giving up some of its gains. The coin is up 2.35% in the last 24 hours and was trading at $147 at the time of writing.

BNB is also up about 2.2% over the last 24 hours, trading at $521.50 at the time of writing, while XRP is up over 3.22%, trading at $0.58.

Toncoin (TON), Dogecoin (DOGE), and Cardano (ADA) recorded relatively small gains on the day, up 0.93%, 1.19%, and 1.38%, respectively.

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