Markets
Dogecoin (DOGE) and Solana (SOL) lead crypto market recovery as Bitcoin (BTC) reclaims $60K
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According to data provided by CoinGeckoDogecoin (DOGE), XRP, and Solana (SOL) are among the biggest gainers in the past 24 hours. Each of the aforementioned cryptocurrencies is up more than 4%.
The total market capitalization of all cryptocurrencies listed on the site currently stands at $2.35 trillion.
Internet Computer (ICP), dogwifhat (WIF), and Jupiter (JUP) are among the best-performing cryptocurrencies in the top 100. Notably, ICP is the only token on the list that managed to record double-digit gains.
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Meanwhile, Bitcoin climbed back above the $60,000 level after several failed attempts to break through the important resistance level.
The leading cryptocurrency managed to regain some ground after Saxony, a state in the eastern part of Germany, stopped selling its confiscated Bitcoins earlier this week.
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However, the leading cryptocurrency is still 18% below its record high reached in March.
As reported by U.TodayGlassnode co-founders have predicted that a significant capital rotation into alternative cryptocurrencies could occur in the near future. Bitcoin’s dominance currently stands at 51%.
At the same time, Coinbase researchers recently foreseen that the cryptocurrency market would remain underwhelming in the third quarter of the year due to the apparent lack of positive catalysts. There is still a lot of uncertainty about the potential market reaction to the upcoming launch of spot Ethereum exchange-traded funds (ETFs) in the US, as it is unclear what level of demand they will attract.
However, cooler-than-expected inflation could increase the chances of a big price spike. According to PCQhedge funds have been “aggressively” buying December and March Bitcoin call options that target six-figure Bitcoin prices.