Bitcoin’s price briefly surged to over $65,000 but dropped by more than $2,000 shortly after news about Mt. Gox emerged.
Meanwhile, many altcoins, especially meme coins, have seen their prices soar by double digits in the past day.
Bitcoin’s Price Volatility: Recovery, Surge, and Drop Amid Mt. Gox News
Bitcoin ended the previous volatile week on a positive note, recovering some recent losses and stabilizing around $58,000. The weekend was anticipated to be quieter, but the failed assassination attempt on pro-crypto US presidential candidate Donald Trump introduced significant volatility.
Bitcoin’s price initially surged, reaching $60,000 for the first time in over a week. This rally continued into Monday, pushing the price to $63,000, marking a two-week high. On Tuesday, Bitcoin hit $65,000, recovering over $10,000 since the July 5 crash.
However, the mood shifted dramatically with news about Mt. Gox moving billions in Bitcoin. The market responded with a sharp decline, and within hours, Bitcoin’s price dropped by $2,500 to $62,500. Consequently, its market capitalization fell to $1.234 trillion, and its dominance over altcoins decreased to 51.2%.
Bitcoin/Price/Chart 16.07.2024 Source: TradingView
Market Overview: Altcoins Decline as Meme Coins Surge
Most large-cap altcoins have turned negative today after several days of gains. Major cryptocurrencies such as Ethereum (ETH), Solana (SOL), Binance Coin (BNB), Toncoin (TON), Cardano (ADA), TRON (TRX), Avalanche (AVAX), and Polkadot (DOT) are showing losses, with Polkadot’s native token experiencing a notable drop of nearly 5%.
In contrast, meme coins have emerged as the day’s biggest winners. Pepe Coin (PEPE) has surged by 16% in the past 24 hours, reaching above $0.000013. OM has shown a similar rise, while Dogwifhat (WIF) and Floki Inu (FLOKI) have increased by 14% and 13%, respectively.
Despite the downturn in some areas, the total cryptocurrency market cap remains above $2.4 trillion, though it has decreased by $50 billion from its peak earlier today.
Also Read: WLD Coin Team Postpones Token Unlock
Cryptocurrency Market Overview. Source: QuantifyCrypto
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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