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Double-Digit Gains From These 2 Altcoins, Bitcoin Struggles at $63K: Weekend Watch

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Bitcoin’s price failed at $65,000 earlier this week, and the subsequent correction pushed it south to a 17-day low of $62,400 before it found some support and rebounded to $63,000.

Most larger-cap alts are also in the red in the past 24 hours, led by more painful losses from HYPE, UNI, and AAVE.

BTC Back to $63K

It was just over a week ago when the primary cryptocurrency was riding high and tapped a monthly peak at $67,000 after the favorable US inflation data for June. However, the predominantly bearish sentiment quickly returned, and the asset slumped below $64,000 that Friday.

Its recovery began last weekend and intensified on Monday when bitcoin pumped to $65,600 on a couple of occasions. However, it couldn’t keep climbing and dumped to $62,700 a day later as investors de-risked ahead of the key FOMC meeting. More volatility ensued before and after the event as the Fed ultimately left the rates unchanged.

Bitcoin began a more profound recovery on Thursday and Friday morning, jumping to $65,500 once again. A familiar scenario repeated, though, as the bears resumed control and drove it south to its lowest position since July 14 at $62,400.

The bulls managed to step up and helped BTC recover some ground to the current $63,000, but there are some warning signs about another leg down in the making. Its market cap is down to $1.265 trillion on CG, while its dominance over the alts has settled at 56%.

BTCUSD Aug 1. Source: TradingView
BTCUSD Aug 1. Source: TradingView

These 2 Alts Fly

Audiera’s BEAT is by far the top gainer over the past 24 hours, surging by 22% to $4.60. MemeCore (M) follows suit and completes the modest double-digit gainer club with an 11% increase to $1.10. PUMP (9%) and PI (5%) follow suit.

In contrast, most of the larger-cap alts are in the red. ETH is down by over 1%, and so are BNB and XRP. HYPE has dumped by another 5% to $52. RAIN has lost almost 3% of value, while UNI and AAVE have slumped by more than 6%. XMR, HBAR, and SHIB are among the few exceptions in the green.

The total crypto market cap has dropped by around $30 billion in a day and is down to $2.260 trillion on CG.

Cryptocurrency Market Overview August 1. Source: QuantifyCrypto
Cryptocurrency Market Overview August 1. Source: QuantifyCrypto

 

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