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Tuesday, June 25, 2024

Solana, Avalanche Lead the Altcoin Recovery, Bitcoin Returns to $40K (Market Watch)

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After dropping further below the $39,000 line yesterday to chart a multi-week low, BTC has reacted well and currently sits close to $40,000.

The total crypto market cap has regained more than $30 billion since yesterday’s peak, as several alts have produced impressive increases.

BTC Back to $40K

Following the madness that ensued amid the approvals of 11 spot Bitcoin ETFs in the States, the primary cryptocurrency calmed and remained in a tight range at around $43,000 for about a week. However, that changed this past weekend when the asset started a gradual decline that saw it drop to $40,000 on Monday.

That was just the beginning, though, as the bulls experienced further pain yesterday. This time, Bitcoin slumped to a 7-week low of $38,500. This meant that it had lost more than ten grand since the peak of $49,000 reached on January 11 – the day when the ETFs reached US exchanges.

The bulls finally managed to intervene after this multi-week low and pushed BTC north. Since then, the asset has gained over a grand and now sits at around $40,000.

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Its market cap is back to $785 billion, and its dominance over the alts is up by around 1% in the past week or so to 50.4% on CMC.

BTCUSD. Source: TradingView

SOL, AVAX, DOT Lead the Alts

Most alternative coins registered painful declines yesterday, but the landscape for most is quite different today. ETH and BNB are among the few larger caps that have failed to chart gains now.

In contrast, SOL has soared by more than 8% and trades above $85. AVAX is up by double digits and sits at $30. Polkadot (7%), ICP (8%), SHIB (5%), and ATOM (6%) are also well in the green.

Most lower- and mid-cap alts are with even more impressive gains, such as APT (11%), TIA (14%), STX (15%), and INJ (10%).

As a result, the cumulative market cap of all crypto assets has increased by more than $30 billion since yesterday’s low and is up to $1.560 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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