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The cryptocurrency market went through a relatively volatile 24 hours, where Bitcoin took center stage and managed to increase above $62,000.
The uptick has also given leeway to smaller-cap altcoins to recover, with one viral meme coin exploding by as much as 25% on the day. Let’s dig in.
Bitcoin Bulls Reappear, Push Price Above $62K
Yesterday, Bitcoin’s price was trading around $61,000 for quite a while, and the bears even managed to push it to a local low of around $60,800.
However, buyers stepped up and conquered $61K. Today, the positive sentiment seems to continue, as BTC is currently trading at around $62,250.
The price action during the past couple of days is important, and the way BTC performs in this range will be indicative of its upcoming direction.
That said, the volatility took its toll on the derivatives market. During the past 24 hours, more than $110 million worth of leveraged positions were wiped off, the majority of which ($64M) were short.
The sentiment remains neutral, which is an improvement compared to yesterday when the market was in a state of fear.
POPCAT Explodes 25%, Leads Meme Coin Gains
The overwhelming majority of altcoins are trading in the green, albeit most of them charting modest gains. Large caps, such as XRP, ADA, AVAX, SOL, BNB, ETH, and others, are up in the range between 0.5% and 1.5%.
The meme coin category has been performing very well in the past 24 hours. Memes are up 9% on average, but it seems that cat-based coins are performing better.
POPCAT, for example, is up 25%, while larger meme coins like DOGE and SHIB are up by about 1%.