Markets
Bitcoin Recovers Above $60K, Polkadot (DOT) Targets $6 (Market Watch)
The cryptocurrency market has been on a roller coaster ride over the past 24 hours. Total capitalization currently stands at around $2.36 trillion, about what it was yesterday.
The price of Bitcoin has gone through a period of strong volatility, as have most altcoins, so let’s dive in.
Bitcoin recovers above $60,000
Bitcoin bears were determined to push the cryptocurrency below $60,000 yesterday and were successful in their attempts, albeit temporarily.
The price dropped to a low of around $58,400, something we haven’t seen since early May.
As seen in the chart above, the price found a local low at that level and rebounded, currently trading at around $60,700. It’s interesting to see if the downside has worn off or if there’s more pain ahead.
Altcoins on the Rebound
Most altcoins are currently trading in the green, posting slight gains compared to yesterday’s prices.
Polkadot is up nearly 2% on the day and the bulls are attempting to push the price towards the coveted $6 level.
Chainlink (LINK) is one of the best, up almost 6% in the last 24 hours, followed by TON, which managed to gain 4.2%.
On the meme coin front, things seem to be going well. The category, as a whole, grew by 3.5%, while some of the larger memes saw impressive increases. PEPE grew by almost 10%, WIF by 15.7%, FLOKI by 10.1% and so on.
All in all, it is interesting to see whether the worst is behind us or whether the market has further declines in store in the coming days.
According to the popular Fear & Greed Index, which measures emotions and feelings from various sources, the market is in a state of fear. This could mean that a temporary bottom is in place, but it could also mean that uncertainty is the predominant force right now.
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Cryptocurrency charts by TradingView.