Markets
BTC Fails to Reclaim $62K, SOL and DOT Surge 8% Daily (Market Watch)
Bitcoin price action pushed the asset above $62,000 yesterday, but it failed to sustain its price and has fallen back below that level so far.
Several altcoins have significantly outperformed the largest digital asset, including DOT, AVAX, and SOL.
BTC Stopped at $62,000
It hasn’t been a good week for the leading cryptocurrency in terms of price action. The asset entered Monday at over $64,000 after a quiet weekend, which it also spent at this level.
However, the bears did not wait long and initiated a massive decline that sent bitcoin tumbling. In a matter of hours, BTC fell by several thousand dollars and fell to $58,400 for the first time in almost two months.
The bulls finally stepped up their efforts at this point and did not allow further declines despite the warnings. BTC bounced back and quickly reclaimed the coveted $60,000 line and jumped up at more than $62,000 on Wednesday.
There, it failed at the beginning, retraced slightly, but went on the offensive again yesterday. However, without success, since the last rejection brought it back down to $61,500, where it currently stands.
Its market cap managed to surpass $1.2 trillion, but alt dominance sits below 50.5%.
Bitcoin/Price/Chart 06/28/2024. Source: TradingView
DOT, AVAX and SOL on the rise
Perhaps the biggest industry announcement yesterday came from VanEck, with the asset manager filing to launch the first Solana ETF in the US. As a result, the price of SOL immediately shot up and reached $150 for the first time in a few weeks. Despite a slight decline, SOL is still up 7% on the day.
Gains also came from Avalanche (9%) and Polkadot (8%). AVAX has surpassed $28, while DOT is now well above $6.
Most other larger-cap alts are also in the green, albeit more modestly. FET and TRX are among the few to be in the red.
The total market capitalization of cryptocurrencies regained around $40 billion overnight and now exceeds $2.4 trillion on CG.
Overview of the cryptocurrency market. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.