BTC Fails to Reclaim $62K, SOL and DOT Soar by 8% Daily (Market Watch)

5 months ago 13

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Bitcoin’s price actions drove the asset to over $62,000 yesterday, but it failed to maintain its run and has retraced to under that level as of now.

Several altcoins have outperformed substantially the largest digital asset, including DOT, AVAX, and SOL.

BTC Stopped at $62K

It hasn’t 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 it spent at that level as well.

However, the bears didn’t wait long and initiated a massive leg down that drove bitcoin south hard. In a matter of hours, BTC slumped by several grand and dumped to $58,400 for the first time in almost two months.

The bulls finally stepped up at this point and didn’t allow any further declines despite the warnings. BTC bounced off and quickly reclaimed the coveted $60,000 line and jumped to over $62,000 on Wednesday.

It failed there at first, retraced slightly, but went on the offensive once again yesterday. Yet, to no avail, as the latest rejection pushed it back down to $61,500, where it stands now.

Its market cap has managed to rise above $1.2 trillion but the dominance over the alts struggles below 50.5%.

Bitcoin/Price/Chart 28.06.2024. Source: TradingView

DOT, AVAX, SOL on the Rise

Perhaps the most notable news in the industry yesterday came from VanEck as the asset manager filed to launch the first Solana ETF in the States. As a result, SOL’s price shot up immediately and tapped $150 for the first time in a few weeks. Despite retracing slightly, SOL is still 7% up on the day.

More gains come from the likes of Avalanche (9%) and Polkadot (8%). AVAX has risen above $28, while DOT is now well over $6.

Most other larger-cap alts are in the green as well, albeit in a more modest fashion. FET and TRX are among the few in the red.

The total crypto market cap has regained about $40 billion overnight and is above $2.4 trillion on CG now.