WIF Rises 27% Daily After Coin Massacre Meme, BTC Recovers to $57,000 (Market Watch)

Bitcoin’s price recovery continues in full force, as the asset has recovered more than seven thousand from Monday’s multi-month low.

Altcoins are also outperforming, with SOL emerging as the top gainer in the larger-cap cohort, while WIF has soared nearly 30%.

BTC Back to $57,000

A lot can and has been said about what happened in the cryptocurrency market since last Friday. It all started with a drop in the price of bitcoin from $66,000 to $62,200 after a weak US jobs report.

However, the ever-volatile nature of the crypto industry took its toll over the weekend, when all other markets were closed. BTC dropped as low as $60,000 on Sunday morning and as low as $57,000 in the evening.

The picture got even worse on Monday morning when the biggest digital asset fell to just under $50,000 for the first time since mid-February, leaving more than $1.2 billion in liquidations in just 24 hours. Some of the reasons behind this massive drop can be found here.

That’s when BTC finally went on the offensive and jumped to $55,000 yesterday. The bulls have regained a little more ground in the last 12 hours or so, and the asset now sits at just over $57,000. Its market capitalization has risen to $1.13 trillion, while its dominance of the highs is 53.5% in CG.

Bitcoin/Price/Chart 07.08.2024. Source: TradingView WIF Skyrockets

Altcoins suffered a similar fate during the market-wide downturn, but many have been able to bounce back from the lows. ETH was dumped from over $3,200 by a large, but has managed to regain some ground and is now trading above $2,500.

Solana’s native witness has been at the forefront of the recovery phase. In the last 24 hours alone, SOL is up more than 8% and is north of $150.

The biggest gainer of the top 100 altcoins is WIF. The meme coin, which fell more than 50% in the span of a week, is now up 27% on a daily basis.

The total crypto market capitalization has recovered from the drop to $1.8 trillion and is now above $2.1 trillion in CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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