Bitcoin price took a turn for the worse earlier today as it dropped below $62,800 but it managed to recover all losses and is now approaching $64,000.
Some altcoins, like DOGE, TON, and ADA, have posted impressive gains over the past day, but SHIB and PEPE stand in a league of their own.
BTC Recovers From Drop Below $63K
The cryptocurrency surged in value last weekend after the US Federal Reserve cut its key interest rates for the first time in more than four years, from below $58,000 to over $60,000, and it hasn’t looked back since.
Bitcoin hit $64,000 on Friday morning and even higher this week. As previously reported, the coin jumped to $64,800 on two occasions, most recently yesterday. However, the coin managed to defend that level, and the subsequent rejection pushed Bitcoin south to $62,750 (on Bitstamp) earlier today.
However, the cryptocurrency has rebounded and added about $1,000, and is currently trading near $64,000 again. These volatile moves came despite increasing net inflows into Bitcoin spot ETFs.
This means its market cap stands at a familiar level of $1.260 trillion, but its altcoin dominance has taken another slight hit and dropped to 53.7% on CG.
Bitcoin/Price/Chart 09/26/2024. Source: TradingView SHIB and PEPE surge sharply
When it comes to daily gains in altcoins with the largest market cap, Shiba Inu leads the way with a massive 13% surge. The popular meme coin has surged to $0.000017, and you can learn more about its price increase here.
Another meme world representative, PEPE, followed with a 7% surge that took it to $0.000009. Their leader, DOGE, gained over 4% in the past day. Other notable performers included TON, ADA, DOT, and NEAR.
The rest of the altcoins with the largest market cap are much quieter, with minor losses from ETH, BNB, XRP, and LINK.
The total market cap of cryptocurrencies has risen slightly again and now stands at $2.350 trillion on CG.