The cryptocurrency market experienced significant volatility in the past 24 hours, with the total capitalization currently standing at around $2.36 trillion. Bitcoin's price temporarily dropped below $60K, a level not seen since early May, but has since recovered to trade at around $60,700.

The majority of altcoins are also showing signs of recovery. Polkadot (DOT) is up almost 2% and Chainlink (LINK) has increased by almost 6% in the last 24 hours. Meme coins are also performing well, with PEPE, WIF, and FLOKI charting impressive increases.

Despite the market's current state of fear, as indicated by the Fear & Greed index, the recent recovery suggests a possible temporary bottom. However, uncertainty remains a dominant force in the market. The coming days will reveal whether the worst is behind us or if there's more downside to come.