Markets
PEPE, WIF, FLOKI Explode to Double Digits as BTC Pulls Back After Mt. Gox News (Market Watch)
Bitcoin’s price jumped slightly above $65,000 for the first time in weeks, but the Mt. Gox news sent the asset down more than $2,000 in a matter of minutes.
Several altcoins, mostly representative of the meme industry, have skyrocketed into double digits over the past day.
Bitcoin goes up and down
The leading cryptocurrency ended the previous volatile economic week on a higher note as it recovered some of the recent losses and is hovering around $58,000. The weekend was expected to be less volatile, but the failed assassination attempt on pro-crypto US presidential candidate Donald Trump led to massive volatility.
The leading digital asset surged a few thousand dollars and hit $60,000 for the first time in over a week. On Monday, an even more impressive surge pushed BTC to $63,000 to mark a two-week peakThe early hours of Tuesday saw a fresh surge that pushed bitcoin to $65,000.
This means that the asset has recovered over ten thousand dollars since the crash on July 5th. However, that is when news Reports that Mt. Gox moved billions of BTC surfaced and markets reacted with a scary selloff.
In a matter of hours, the cryptocurrency lost $2,500 to $62,500. Its market capitalization slid to $1.234 trillion, while its dominance over altcoins fell to 51.2%.
Bitcoin/Price/Chart 16.07.2024 Source: TradingView
Meme Coins on the Run
Most of the larger cap alts have turned red today after a few days of chart gains. ETH, SOL, BNB, TON, ADA, TRX, AVAX, and DOT have seen some losses today, as in Polkadot’s latest native token, the decline is close to 5%.
On the other hand, PEPE emerged as the biggest gainer of the day. The meme cryptocurrency has surged 16% in the past 24 hours and is now above $0.000013. OM has seen a similar increase, while WIF and FLOKI have jumped 14% and 13%, respectively.
The total cryptocurrency market cap is still over $2.4 trillion, but it is down $50 billion since peaking earlier today.
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