Markets
Bitcoin surpasses US$63,000 as Solana (SOL) rises to US$150: Market watch
The start of the new week saw the total cryptocurrency market attempt a recovery, with its capitalization pushing towards the all-important $2.5 trillion market, up 2.6% on the day.
Bitcoin’s price is now hovering around $63,000, and most altcoins are also seeing gains. There are some important events worth watching this week, so let’s dive in.
Bitcoin Price Hits $63K
At the time of writing, the price of Bitcoin is trading around $62,800, having reached a daily high of around $63,700. This represents a 2.6% increase in the last 24 hours for the primary cryptocurrency.
It will be interesting to see whether BTC will be able to hold on to these gains and build on them or whether the bears will be able to push the price back to $60k.
Anyway, as we reported Earlier today, some analysts are positive that July will be a good month for Bitcoin. They argue that it has historically been a month of gains, especially after a red June (as it was this year).
However, as mentioned earlier, there are some important economic events taking place in the US this week that could have an impact on price action. These are:
- ISM Manufacturing PMI data for June – out Monday.
- Fed Chairman Powell will speak – on Tuesday.
- JOLTs jobs data – as of Tuesday.
- Minutes of the Fed meeting – on Wednesday.
- The Stock Exchange will be closed – on Thursday.
- June Jobs Report data – out Friday.
Solana Leads Altcoin Recovery
Many of the large-cap altcoins are also trading well in the green, with SOL being a notable example. The cryptocurrency is up 4.6% and is now approaching $150.
LINK increased by 5.31%, AVAX – almost 6%, NEAR – 5%, and so on.
Interestingly, some categories are performing much better compared to others. For example, meme coins on Solana and Base saw, on average, gains between 13% and 9%, respectively.
This is considerably higher compared to the overall meme coin category (across all chains and all themes), which increased by around 3%.
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