Dogecoin (DOGE) and Solana (SOL) Lead Crypto Market Recovery as Bitcoin (BTC) Reclaims $60K

Coin Market Update

According to data from CoinGecko, Dogecoin (DOGE), XRP, and Solana (SOL) have emerged as top gainers over the past 24 hours, each experiencing a surge of over 4%.

Overall, the total market capitalization of listed cryptocurrencies now stands at $2.35 trillion.

Top Performers

Internet Computer (ICP), Dogwifhat (WIF), and Jupiter (JUP) have been notable performers among the top 100 cryptocurrencies. ICP leads the list with double-digit gains.

Bitcoin Rebounds

Bitcoin has regained ground, surpassing the $60,000 level after several unsuccessful attempts. The recovery follows the decision by the German state of Saxony to cease selling confiscated Bitcoins. However, Bitcoin remains 18% below its March high.

Market Outlook

Glassnode co-founders predict a possible shift of capital towards altcoins in the foreseeable future, as Bitcoin's dominance currently sits at 51%.

Coinbase researchers anticipate a subdued crypto market in the third quarter due to limited positive catalysts. Uncertainty surrounds the launch of spot Ethereum exchange-traded funds (ETFs) in the U.S. and their potential impact.

Nevertheless, lower-than-expected inflation could drive a significant price rally. Hedge funds have reportedly been actively acquiring Bitcoin options contracts with strike prices above $100,000, signaling bullish sentiment.