BITCOIN RECOVERS FROM 10-DAY LOW AS ICP SURGES 10%

ICP, WIF, and NEAR stand out with their significant price rises in the last day among a small group of altcoins.

This morning saw Bitcoin’s value drop sharply to $64,500, marking its lowest point in ten days. However, the cryptocurrency managed to bounce back from this dip.

Other altcoins also experienced declines, with ETH falling to $3,300 and XRP dropping below $0.6.

Is Bitcoin on the Path to Recovery?

Bitcoin reached a peak of $71,800 last week on several occasions but couldn’t surpass its record high of $73,800. The digital currency stabilized around $70,000 over the weekend following some pullbacks.

However, its attempt to climb on Sunday evening was also thwarted at $71,200. This led to a significant drop to $66,000 yesterday, and an even steeper fall to a ten-day low of $64,500 today, in spite of significant withdrawals from Coinbase.

But the downturn was halted as bulls stepped in, with Bitcoin regaining nearly $2,000 from its lowest point today, now trading above $66,000.

Bitcoin’s market cap is slightly over $1.3 trillion, maintaining a 49.6% dominance over altcoins, as per CoinGecko.

ICP Takes Center Stage

The altcoin sector wasn’t spared from the downturn either. Ethereum is down about 2% over the last 24 hours, now valued at around $3,300. Ripple also saw a decrease of about the same margin, now valued below $0.6.

Other cryptocurrencies like Cardano, Dogecoin, Toncoin, Bitcoin Cash, Avalanche, and Polkadot have seen minor losses. UNI dropped by over 3.5%.

Conversely, SOL has increased by 3.5%, approaching $190. NEAR and WIF each rose by 6%, and ICP witnessed a nearly 10% increase, now priced above $18.

Following these changes, the total market cap of cryptocurrencies has risen by over $50 billion from its lowest point overnight, now exceeding $2.6 trillion, according to CoinGecko.

Read more from the blog

News

3 May 2023

StoneBlock CEO: Nervous investors will be eliminated from the market

News

3 Jun 2024

OKX LAUNCHES CRYPTO EXCHANGE AND WALLET IN THE NETHERLANDS 

News

3 Jun 2024

BITCOIN TRANSACTIONS HIT YEARLY HIGH WITH $25B MOVED