Pepe Soars 9% Daily, Bitcoin Price Eyes $62K After Recent Crash (Market Watch)

5 months ago 3

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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.

BTC 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%.

Bitcoin/Price/Chart 26.06.2024. Source: TradingView

PEPE 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.

DOE, 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.