Bitcoin's price recovery after the recent market-wide crash continued in the past 24 hours, as the asset jumped to just under $62,500 but failed there and retraced by several hundred dollars. The altcoins are also slightly in the green on a daily scale, with ETH nearing $3,400 and BNB closing down at $580.
Key Takeaways
Bitcoin Recovery: Bitcoin's price has rebounded to just under $62,500 after a significant drop, highlighting ongoing market volatility.
Altcoins Performance: Major altcoins like ETH, BNB, SOL, and TRX have shown minor gains, while some like DOGE, SHIB, AVAX, and LINK have jumped by about 3%.
Pepe Coin Surge: PEPE Coin has emerged as a top performer, with a 9% increase, demonstrating strong market interest and resilience.
Market Cap Increase: The total crypto market cap has risen by 1.1% in the past 24 hours, indicating a slight recovery in the overall market.
Crypto Market Update: Bitcoin Eyes $62K
It was less than a week ago – last Thursday – when Bitcoin's price stood tall at over $66,000. However, it started to lose ground on Friday, slipped below $64,000, and bounced off to just over that level during the weekend. Saturday and Sunday went quietly, with little to no action.
The landscape changed for the worse on Monday when the bears took control of the market amid disturbing Mt. Gox news and pushed BTC south hard. In a matter of hours, the cryptocurrency slumped to $58,450 for the first time in nearly two months.
As warning signs started to appear that the asset might dump to $50,000 and even $45,000, BTC actually reversed its trajectory and jumped to $61,000 yesterday morning. It kept rising during the day and touched $62,400 (on Bitstamp) later on.
Nevertheless, Bitcoin failed there and has retraced by almost a grand. Its market cap stands below $1.220 trillion, and its dominance over the alts has taken a hit to 50.7%.
Pepe Coin on the Rise
The altcoins suffered just as badly as BTC at the start of the week and saw multi-month lows of their own. The situation is slightly better now, with minor gains from the likes of ETH, BNB, SOL, TRX, and DOT.
DOGE, SHIB, AVAX, and LINK have jumped by about 3%, while XRP, TON, and ADA are with insignificant losses.
PEPE and STX have emerged as the top performers from the largest 36 crypto assets, with increases of 9%. NOT has shot up even more, having surged by 14% in the past day.
The total crypto market cap has risen by 1.1% in the past 24 hours to $2.4 trillion on CG.
Conclusion
In this Crypto Market Update, the crypto market continues to display volatility with Bitcoin eyeing the $62K mark once again after a tumultuous week. While altcoins show minor gains, Pepe Coin stands out with significant upward movement. The market sentiment remains cautiously optimistic, with investors closely watching for further developments. The coming days will be crucial in determining whether this recovery can be sustained or if more corrections are on the horizon.
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