PEPE, WIF, FLOKI explode by double digits as BTC bounces back after Mt. Gox News (Market Watch)

Bitcoin price rose to $65,000 for the first time in weeks, but news of Mt. Gox took the asset south by over two thousand in minutes.

Several altcoins, mostly representatives of the meme coin industry, have soared by double digits over the past day.

BTC goes up and down

The major cryptocurrency ended the previous volatile trading week on a higher note as it had recouped some of the recent losses and settled around $58,000. The weekend was expected to be less volatile, but the failed assassination attempt against US presidential candidate Donald Trump led to high volatility.

The leading digital asset rose several thousand dollars and topped $60,000 for the first time in more than a week. An even more impressive surge occurred on Monday, pushing BTC to $63,000 to mark a two-week high. In the early hours of Tuesday, there was another surge that took bitcoin to $65,000.

This meant that the asset had recovered more than ten thousand since the July 5 crash. However, it was when news broke about Mt. Gox moving billions in BTC and the markets reacted with a fearsome decline.

In a matter of hours, the cryptocurrency dropped by two and a half thousand to $62,500. Its market capitalization has shrunk to $1.234 trillion, while its dominance of the highs has dropped to 51.2%.

Bitcoin/Price/Chart 16.07.2024 Source: TradingView Meme Coins on the Run

Most of the larger-cap alternatives turned red today after several consecutive days of charting gains. ETH, SOL, BNB, TON, ADA, TRX, AVAX and DOT have some losses today as in Polkadot’s latest native token, the drop is almost 5%.

Instead, PEPE has become the biggest benefit today. The meme coin has soared 16% in the last 24 hours and now sits above $0.000013. OM has seen a similar increase, while WIF and FLOKI are up 14% and 13%, respectively.

The total crypto market cap is still above $2.4 trillion, but is down $50 billion from today’s peak.

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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