Markets
PEPE, WIF, FLOKI Explode Into Double Digits As BTC Pulls Back After Mt. Gox News (Market Watch)
Bitcoin’s price jumped to $65,000 and above for the first time in weeks, but the Mt. Gox news sent the asset down more than two thousand in minutes.
Several altcoins, mostly representatives of the meme coin industry, have soared by double digits over the past day.
BTC goes up and down
The primary cryptocurrency ended the previous volatile trading week on a higher note as it recovered some of its recent losses and settled around $58,000. The weekend was expected to be less volatile, but the failed assassination attempt on pro-crypto US presidential candidate Donald Trump brought massive volatility.
The leading digital asset jumped a few thousand dollars and hit $60,000 for the first time in over a week. Monday saw an even more impressive surge that pushed BTC to $63,000 to mark a two week peak. In the early hours of Tuesday, there was another surge that took bitcoin to $65,000.
This meant the asset had recovered over ten thousand since the July 5th crash. However, that was when News about Mt. Gox moving billions in BTC emerged, and markets reacted with a frightening decline.
In a matter of hours, the cryptocurrency fell by two thousand and five hundred to $62,500. Its market cap fell to $1.234 trillion, while its dominance over alts fell to 51.2%.
Bitcoin/Price/Chart 16.07.2024 Source: TradingView
Meme coins on the run
Most of the larger-cap alts are in the red today after a few consecutive days of gains on the charts. ETH, SOL, BNB, TON, ADA, TRX, AVAX, and DOT are all seeing some losses today, with Polkadot’s latest native token down nearly 5%.
In contrast, PEPE emerged as today’s biggest gainer. The meme coin has soared 16% in the past 24 hours and is now trading above $0.000013. OM has seen a similar surge, while WIF and FLOKI have jumped 14% and 13%, respectively.
The total cryptocurrency market cap is still above $2.4 trillion, but it has fallen $50 billion since its peak earlier today.
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