On July 14, 2024, at 11:12 GMT+1, the crypto market saw significant gains, led by Dogecoin (DOGE), Solana (SOL), and XRP, according to CoinGecko data. These cryptocurrencies surged by over 4% in the past 24 hours, marking a notable recovery in the market.
The total market capitalization of all cryptocurrencies now stands at $2.35 trillion, showcasing the market’s resilience and growth.
Among the top 100 cryptocurrencies, Internet Computer (ICP), Dogwifhat (WIF), and Jupiter (JUP) emerged as the best performers. Notably, ICP recorded double-digit gains, distinguishing itself in a competitive market.
Bitcoin (BTC) has successfully reclaimed the $60,000 mark after several failed attempts to breach this critical resistance level. This recovery follows the decision by Saxony, a state in eastern Germany, to cease the sale of its confiscated Bitcoins. Despite this upward movement, Bitcoin remains 18% below its all-time high achieved in March.
Glassnode co-founders recently predicted a significant capital rotation towards alternative cryptocurrencies, given Bitcoin’s current market dominance of 51%. Meanwhile, Coinbase researchers have forecasted a potentially underwhelming third quarter for the crypto market due to a lack of positive catalysts and uncertainty surrounding the upcoming launch of spot Ethereum exchange-traded funds (ETFs) in the U.S.
However, cooler-than-expected inflation could trigger a major price rally. According to QCP, hedge funds have been aggressively purchasing December and March Bitcoin options calls, targeting six-digit Bitcoin prices.
As the market continues to evolve, investors remain watchful, anticipating further developments and potential opportunities in this dynamic landscape.