PEPE, WIF, FLOKI Explode by Double Digits While BTC Retraces After Mt. Gox News (Market Watch)

3 months ago 35

Bitcoin’s price jumped to and slightly above $65,000 for the first time in weeks but the Mt. Gox news brought the asset south by over two grand in minutes.

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

BTC Goes Up and Down

The primary cryptocurrency ended the previous volatile business week on a higher note as it had recovered some of the recent losses and stood at around $58,000. The weekend was expected to be less volatile but the failed assassination attempt against the pro-crypto US presidential candidate – Donald Trump – brought massive volatility.

The leading digital asset jumped by a few thousand dollars and tapped $60,000 for the first time in over a week. Monday saw an even more impressive surge that pushed BTC to $63,000 to mark a two-week peak. The early hours of Tuesday saw another surge that drove bitcoin to $65,000.

That meant that the asset had recovered more than ten grand since the July 5 crash. However, this is when news about Mt. Gox moving billions in BTC surfaced, and the markets reacted with a fearful decline.

In a matter of hours, the cryptocurrency dropped by two and a half grand to $62,500. Its market cap has slipped to $1.234 trillion, while its dominance over the alts is down to 51.2%.

Bitcoin/Price/Chart 16.07.2024 Source: TradingView

Meme Coins on the Run

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

In contrast, PEPE has emerged as today’s biggest gainer. The meme coin has soared by 16% in the past 24 hours and now sits above $0.000013. OM has charted a similar increase, while WIF and FLOKI have jumped by 14% and 13%, respectively.

The total crypto market cap is still above $2.4 trillion but it is down by $50 billion since the peak earlier today.