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Viral Altcoin Skyrockets by 80% Daily, Bitcoin (BTC) Flirts With $63K: Market Watch

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Bitcoin’s gradual price recovery that began after the early July correction continues, as the asset briefly exceeded $63,000 yesterday and now stands around that level.

Most larger-cap alts remain relatively sluggish on a daily scale, aside from SOL, HYPE, and XLM, which have dropped by up to 4%, and ADA and BCH, which have posted notable gains.

BTC Eyes $63K

June was quite painful for the primary cryptocurrency, as it dropped by over 20%. July began on a similar note, as the asset dipped below $58,000 to chart a new multi-year low. However, the bulls finally intervened at this point and didn’t allow another leg down.

Just the opposite; bitcoin started to recover some ground and quickly reclaimed the $60,000 mark. After a brief dip below that line, the bulls went on the offensive once again, pushing the asset to $62,000 as the net withdrawals from the ETFs eased and investors poured some money in on Thursday.

BTC remained calm at above $61,000 and jumped once again on Saturday and earlier this morning, going to a multi-week peak of $63,400. Although it was stopped there, it now trades close to $63,000, posting a near 5% increase on a weekly scale.

Its market capitalization has risen to $1.260 trillion on CoinGecko, but its dominance over the altcoins remains well below 57%.

BTCUSD July 5. Source: TradingView
BTCUSD July 5. Source: TradingView

LAB Rockets

Ethereum was stopped at $1,800 yesterday and now sits at just over $1,760. BNB’s run couldn’t reclaim $580, and the asset trades below that level now. XRP is under $1.15, while SOL is testing the $80 support after a 2.4% daily decline.

HYPE and XLM have dropped even harder, with a 4% decrease from the former and a 3.4% dip from the latter. In contrast, ADA continues its recovery with another 9% surge to well over $0.19. BCH is up by around 6% and sits at $240.

LAB is by far the top gainer today, having skyrocketed by 80%. The asset, which has seen some intense volatility as of late, now trades at over $16.

The total crypto market cap has increased slightly from yesterday and now sits at $2.230 trillion on CG.

Cryptocurrency Market Overview July 5. Source: QuantifyCrypto
Cryptocurrency Market Overview July 5. Source: QuantifyCrypto

 

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