CoinDesk Report:
Over the past 24 hours, the cryptocurrency market has continued its recovery, with total capitalization reclaiming $2.213 trillion USD.
This resurgence has been driven by Bitcoin climbing above $57,000, accompanied by significant gains in other alternative coins.
Bitcoin Price Reclaims $57,000
As reported by CryptoPotato yesterday, BTC saw a 4% increase within a day, rebounding to over $56,000 after dipping as low as $54,000 post a recent market downturn.
Currently, cryptocurrencies are sustaining their recovery, breaking above $57,000 and marking a 1% increase in the last 24 hours.
Source: TradingView
However, it’s worth noting that Bitcoin has still declined by 6.5% over the past seven days, indicating a significant gap from where the market stood a week ago. There’s considerable ground to cover if buyers aim for a meaningful return.
Altcoins Showing Green
Other segments of the cryptocurrency market are also in the green, with nearly all altcoins experiencing gains.
For instance, Polkadot (DOT) surged by 6.4% in the past 24 hours, followed by NEAR (up 4.5%) and AVAX (up 3.6%).
Source: Quantitative Crypto
Nevertheless, the standout performer is Notcoin (NOT), a meme coin based on TON launched earlier this year. It surged by 42% in the last 24 hours, leading all other coins within the top 100 by market capitalization. Notcoin has not only recovered all recent losses but also grown by 5% over the past 7 days.
On the other hand, some popular meme coins failed to capitalize on the recent market uptick. Dogwifhat (WIF) is one such example, plummeting by 7.2% in the past 24 hours, ranking among the worst-performing coins within the top 100.
In conclusion, while the market appears to be recovering, sentiment remains uncertain. The developments in the coming days will be intriguing to watch.