Markets
BTC fails to recover $62K, SOL and DOT rise 8% daily (Market Watch)
Bitcoin price actions took the asset above $62,000 yesterday, but it has failed to maintain its trajectory and has returned below that level until now.
Several altcoins have substantially outperformed the largest digital assets, including DOT, AVAX, and SOL.
BTC stopped at $62K
It has not been a good week for the primary cryptocurrency in terms of price action. The asset entered Monday at over $64,000 after a quiet weekend, which passed at that level as well.
However, the bears didn’t wait long and initiated a massive drop that sent bitcoin south. Within hours, BTC dropped several thousand dollars and fell to $58,400 for the first time in almost two months.
The bulls finally stepped up at this point and did not allow any further declines despite warnings. BTC bounced back and quickly reclaimed the coveted $60,000 line and jumped to over $62,000 on Wednesday.
It failed at the beginning, redone slightly, but yesterday I went on the offensive again. However, to no avail as the latest rejection pushed it back to $61,500 where it is now.
Its market value managed to surpass $1.2 trillion, but its dominance over alts remains below 50.5%.
Bitcoin/Price/Chart 28.06.2024. Source: TradingView
DOT, AVAX, SOL on the rise
Perhaps the most notable sector news yesterday came from VanEck, when the asset manager filed to launch the first Solana ETF in the United States. As a result, SOL price immediately spiked and reached $150 for the first time in a few weeks. Despite retreating slightly, SOL was still up 7% on the day.
Further gains come from the likes of Avalanche (9%) and Polkadot (8%). AVAX has climbed above $28, while DOT is now well above $6.
Most other large-cap alts are also in the green, albeit more modestly. FET and TRX are among the few in the red.
The total cryptocurrency market cap recovered by around $40 billion overnight and is now above $2.4 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.