Markets
Bitcoin Recovers Above $60K, Polkadot (DOT) Targets $6 (Market Watch)
The cryptocurrency market has been on a rollercoaster ride over the past 24 hours. Total capitalization currently stands at about $2.36 trillion, which is about what it was yesterday.
The price of Bitcoin has experienced great volatility, as have most altcoins, so let’s dive deeper.
Bitcoin recovers above US$60 thousand
Bitcoin bears were determined to push the cryptocurrency below $60,000 yesterday and were successful in their attempts, albeit temporarily.
The price dropped to around $58,400 – something we haven’t seen since early May.
As seen in the chart above, the price found a local bottom at this level and bounced, currently trading around $60,700. It’s interesting to see if the downside is exhausted or if there is more pain ahead.
Altcoins stage a recovery
Most altcoins are currently trading in the green, recording moderate gains compared to yesterday’s prices.
Polkadot is up nearly 2% on the day and bulls are trying to push the price towards the coveted $6 level.
Chainlink (LINK) is one of the best performers, rising almost 6% in the last 24 hours, followed by TON, which managed to gain 4.2%.
On the meme coin front, things look good. The category as a whole is up 3.5%, while some of the biggest memes are seeing impressive increases. PEPE rose almost 10%, WIF – 15.7%, FLOKI – 10.1% and so on.
In short, it is interesting to see if the worst is over or if the market has more downsides lined up in the coming days.
According to the popular Fear & Greed index, which measures emotions and sentiments from various sources, the market is in a state of fear. This could mean that there is a temporary bottom, but it could also mean that uncertainty is the prevailing force at this time.
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Cryptocurrency Charts by TradingView.