Dogecoin (DOGE) and Solana (SOL) Lead Crypto Market Recovery as Bitcoin (BTC) Reclaims $60K
Release: 2024/07/14 18:19 Reading: 638
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.
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