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The cryptocurrency market went on a rollercoaster throughout the past 24 hours. The total capitalization currently stands at around $2.36 trillion, which is more or less what it was this time yesterday.
Bitcoin’s price went through major volatility, as well as most of the altcoins, so let’s dive in.
Bitcoin Recovers Above $60K
Bitcoin bears were determined to push the cryptocurrency below $60K yesterday, and they were successful in their attempts, albeit temporarily.
The price dropped to a low of around $58,400 – something that we hadn’t seen since early May.
As seen in the chart above, the price found a local bottom at that level and bounced, currently trading at around $60,700. It’s interesting to see if the downside is exhausted or if there’s more pain ahead.
Altcoins Stage a Recovery
The majority of altcoins are currently trading in the green, charting mild gains compared to yesterday’s prices.
Polkadot is up almost 2% on the day and the bulls are attempting to push the price toward the coveted $6 level.
Chainlink (LINK) is one of the best performers, increasing by almost 6% in the last 24 hours, followed by TON, which managed to gain 4.2%.
On the meme coin front, things are looking good. The category, as a whole, is up 3.5%, while some of the larger memes chart impressive increases. PEPE is up almost 10%, WIF – 15.7%, FLOKI – 10.1%, and so forth.
All in all, it’s interesting to see if the worst is behind us or if the market has more downside prepared in the coming days.
According to the popular Fear & Greed index, which gauges emotions and sentiments from various sources, the market is in a state of fear. This might mean that there’s a temporary bottom in place but it might also mean that uncertainty is the predominant force right now.