The market for Bitcoin experienced a significant increase as its price surged to over $65,000, marking a two-week peak. This rise came after the digital asset had recovered from a crash on July 5, gaining over ten thousand dollars. However, the positive momentum was short-lived as news about Mt. Gox moving billions in Bitcoin caused a fearful decline in the market.
While Bitcoin prices fluctuated, several altcoins, particularly meme coins, saw double-digit increases in the past day. However, larger-cap altcoins such as ETH, SOL, BNB, TON, ADA, TRX, AVAX, and DOT experienced losses following the market’s reaction to the Mt. Gox news.
The total cryptocurrency market cap remains above $2.4 trillion, despite a $50 billion decrease since the peak earlier in the day. Bitcoin’s market cap has slipped to $1.234 trillion, with its dominance over other altcoins decreasing to 51.2%.
Among the altcoins, PEPE has emerged as the top gainer, soaring by 16% in the past 24 hours to a price above $0.000013. Other meme coins like OM, WIF, and FLOKI have also seen significant increases of 14% and 13%, respectively.
The sharp increase in Bitcoin prices followed by a sudden decline due to Mt. Gox news highlights the volatility and unpredictability of the cryptocurrency market. Investors and traders must remain vigilant and responsive to external factors that can impact the market in a matter of hours. As meme coins continue to gain popularity and influence, traditional altcoins face challenges in maintaining stable prices and market dominance.
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