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Dogecoin (DOGE) and Solana (SOL) Lead Cryptocurrency Market Recovery as Bitcoin (BTC) Reclaims $60,000
Alex Dovbnia
Here are the best performing cryptocurrencies over the past 24 hours
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According to data provided by CoinGeckoDogecoin (DOGE), XRP, and Solana (SOL) are among the biggest gainers over the past 24 hours, with each of the aforementioned cryptocurrencies surging more than 4%.
The total market capitalization of all cryptocurrencies listed on the website currently stands at $2.35 trillion.
Internet Computer (ICP), dogwifhat (WIF), and Jupiter (JUP) are among the best performing cryptocurrencies in the top 100. It is worth noting that ICP is the only token on the list that managed to register double-digit gains.
Meanwhile, Bitcoin has climbed above $60,000 again after several failed attempts to break through the important resistance level.
The flagship cryptocurrency managed to regain some ground after Saxony, an eastern German state, stopped selling its confiscated Bitcoins earlier this week.
However, the leading cryptocurrency is still down 18% from its record high reached in March.
As reported by U.TodayGlassnode co-founders have predicted that a significant rotation of capital into alternative cryptocurrencies could take place in the near future. Bitcoin dominance currently stands at 51%.
At the same time, Coinbase researchers recently predicted The cryptocurrency market is likely to remain disappointing in the third quarter of the year due to the apparent lack of positive catalysts. There is still a lot of uncertainty about the potential market reaction to the upcoming launch of Ethereum spot exchange-traded funds (ETFs) in the United States, as it is unclear what level of demand they will attract.
However, lower-than-expected inflation could increase the chances of a major price hike. QCPHedge funds have been “aggressively” buying December and March Bitcoin options that target six-figure Bitcoin prices.
About the Author
Alex Dovbnia
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has written over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. You can contact him at alex.dovbnya@u.today.