Markets
Pepe rises 9% daily, Bitcoin price reaches US$62 thousand after recent drop (market observation)
Bitcoin’s price recovery after the recent market-wide drop continued over the past 24 hours, when the asset jumped to just under $62,500, but failed and retreated several hundred dollars.
Altcoins are also slightly in the green on the daily scale, with ETH approaching $3,400 and BNB closing at $580.
BTC eyes $62,000
That was less than a week ago – last Thursday, when the price of bitcoin was above $66,000. However, it began to lose ground on Friday, dropped below $64,000 and bounced to just above that level over the weekend. Saturday and Sunday were quiet with little to no action.
The scenario took a turn for the worse on Monday when bears took control of the market amid disturbing news from Mt. Gox and pushed BTC south hard. In a matter of hours, the cryptocurrency fell to $58,450 for the first time in almost two months.
As warning signs started to look like the asset could fall to $50,000 and even $45,000, BTC actually inverted its trajectory and jumped to $61,000 yesterday morning. It continued to rise throughout the day and reached $62,400 (on Bitstamp) later.
However, bitcoin failed there and recovered almost a thousand dollars. Its market cap is below $1.220 trillion and its dominance over alts has reached 50.7%.
Bitcoin/Price/Chart 26.06.2024. Source: TradingView
PEPE on the rise
Altcoins suffered as much as BTC earlier in the week and recorded their own multi-month lows. The situation is a little better now, with small gains from companies like ETH, BNB, SOL, TRX and DOT.
DOE, SHIB, AVAX and LINK jumped around 3%, while XRP, TON and ADA show negligible losses.
PEPE and STX emerged as the best performers of the largest 36 crypto assets, with increases of 9%. NOT soared even further, having risen 14% in the last day.
The total crypto market capitalization increased by 1.1% in the last 24 hours to $2.4 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.